Monday, November 28, 2011

Michigan FAQ Addresses Investment Adviser Concerns

A release by the Michigan Office of Financial and Insurance Regulation answers frequently asked questions pertaining to investment advisers.

Topics include whether:

* "solicitors" must register as investment adviser representatives and, if so, whether they must also pass written exams

* investment adviser representatives must register in Michigan if they represent SEC registered adviser firms not having a place of business in Michigan

* owners of a registered investment adviser firm must register as an investment adviser representatives

* individuals may dually register as an investment adviser representative and securities agent or as an investment adviser representative for two adviser firms

* Michigan has a custody rule and surety bond requirement

* newly created firms with no clients must file a balance sheet

* the firm must maintain a written code of ethics

And what:

* forms are required for registration

* records and written policies/procedures firms must maintain and preserve

* procedure exists for succession of firm ownership

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