Tuesday, June 21, 2011

Louisiana Incorporates SEC Recordkeeping Requirements for Broker-Dealers and Investment Advisers

Broker-dealers and investment advisers are required to make, maintain and preserve books and records that comply with SEC recordkeeping requirements, effective June 20, 2011. Dealers must comply with SEC Rules 17a-3, 17a-4 and 15c-211; investment advisers must comply with Rule 204-2 of the Investment Advisers Act of 1940. Investment advisers whose principal place of business is located in another state are exempt from Louisiana recordkeeping requirements if the investment advisers are licensed or registered in the other state and comply with that state’s books and records requirements.

Broker-dealers and investment advisers who cease doing business must, for the remainder of the specified period, preserve the books and records they’re required to maintain and notify the Louisiana Securities Commissioner of the location of those books and records. Note that a broker-dealer’s filing Form BDW, Uniform Request for Withdrawal from Broker-Dealer Registration, or an investment adviser’s filing Form ADV-W, Notice of Withdrawal from Registration as Investment Adviser, satisfies the notice requirement.

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