Tuesday, November 29, 2011

NASAA Announces Coordinated Review for Investment Advisers

The North American Securities Administrators Association (NASAA) announced today that state securities regulators have developed a coordinated review program for investment advisers switching from federal to state registration as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

According to NASAA's news release this morning, the Investment Adviser Coordinated Review Program is open to SEC-registered investment advisers switching their registration to between four and 14 states. NASAA President Jack Herstein said that the program will conclude on March 30, 2012.

To participate in the program, eligible investment advisers must complete and submit the Coordinated Review Form found in the IA Switch Resource Center on the NASAA website in addition to filing all materials required by the states in which the adviser is applying for registration.

The states where the investment adviser has filed a registration application will conduct a coordinated review of the investment adviser’s registration materials. After completion of the review, the adviser will be informed of the deficiencies, if any, that must be resolved before the registration will be approved, NASAA stated.

Herstein said there is no additional cost to use the program. “Advisers will be subject only to the filing fees specified by the states in which the investment adviser is applying for registration,” Herstein said.

No comments: