Wednesday, March 28, 2012

NASAA Announces Online Resource for IA State Registration Requirements

The North American Securities Administrators Association (NASAA) announced today the launch of an online resource to help investment advisers switching from federal to state securities regulatory oversight identify individual state registration requirements. The Dodd-Frank Act requires investment advisers with assets under management of between $25 million and $100 million to switch from federal to state registration by June 28, 2012.

As discussed in a news release this morning, NASAA's IA Switch Resource Center contains information about individual state registration fees, financial and bonding requirements, requirements for sole proprietorships and branch offices, de minimis requirements and other required documents. NASAA President Jack Herstein cautioned, however, that NASAA is providing the information as a convenience and not as legal advice.

NASAA also announced that it has extended its investment adviser coordinated review initiative by one month to April 30, 2012. According to the release, the Investment Adviser Coordinated Review Program is open to SEC-registered investment advisers switching their registration to between four and 14 states. Investment advisers who are eligible to participate must complete and submit the Coordinated Review Form found in the IA Switch Resource Center in addition to filing all materials required by the states in which the adviser is applying for registration. There is no additional cost to use the program, NASAA stated.

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