Thursday, July 07, 2011

Kentucky Adopts Amendments to IA Post-Licensing Requirements

Amendments to the disclosure (brochure), custody, net capital and bonding requirements for investment advisers were adopted by the Kentucky Department of Financial Institutions, together with modifications to the application withdrawal, written examination, multiple registration and unethical practice rules affecting broker-dealers, agents, investment advisers and investment adviser representatives, effective July 1, 2011. Small corporate offering and viatical settlement interest registrations, and a sale of business exemption were also adopted, along with new rules creating recordkeeping requirements for firms employing issuer-agents and rules setting forth the procedures for distributing and using funds from the Securities Fraud Prosecution and Prevention Fund.