Tuesday, March 27, 2012

Missouri Sets Time-Table for SEC Adviser Switch to State Registration

The time-table for SEC-registered investment advisers with $100 million or less in assets under management ("mid-size advisers") to report their amount of assets under management to the SEC on a Form ADV amendment and then begin the state registration process was released by the Missouri Securities Division on March 23, 2012. The Division conducts a pre-registration examination requiring mid-size advisers to correct in a timely manner the deficiencies found in their applications, to become registered in Missouri by June 28, 2012, the date all mid-size advisers must be withdrawn from SEC registration. Since Missouri's pre-registration examination may be lengthy because of the approximate 120 applicants going through this process, the Securities Division encourages applicants to apply for state registration immediately after filing their Form ADV amendment with the SEC by March 30, 2012.