Tuesday, February 21, 2012

Illinois Replaces References to NASD with FINRA

References to the Financial Industry Regulatory Authority (FINRA) replace existing references to the National Association of Securities Dealers (NASD) throughout the Illinois securities rules, to reflect the official name of the organization that now regulates broker-dealers and investment advisers, effective February 8, 2012. Other adopted changes by the Securities Department include restating that the CRD, not the IARD, is the electronic database for receiving investment adviser representative filings and fees; specifying that new and re-registration applications for investment advisers or IA branch offices, along with re-registrations for investment adviser representatives and re-notifications for federal covered investment advisers, annually expire at the end of the day on December 31; amending the language of the grandfathering provision of the exam requirement for investment adviser principals and representatives, from “on the effective date of this section” to “on May 1, 2000,” replacing legalese, e.g., “hereunder,” “such,” and “which,” with plain English, e.g., “the” or “that,” and substituting current terms or dates for outdated references.

No comments: