NASAA Issues Reminder About U4 Disclosure Deadline
The North American Securities Administrators Association (NASAA) issued a reminder today that November 14, 2009, is the effective date for completion of the six regulatory action disclosure questions that were added to the Form U4 on May 18, 2009. NASAA reminded investment adviser firms that they must file amended Forms U4s for all of their investment adviser representatives in order to provide answers to these new disclosure questions regarding willful violations (i.e., Questions 14C (6), (7) and (8) and Questions 14E (5), (6) and (7)).

According to the release, firms must file any required amendments via the Investment Adviser Registration Depository (IARD) by 11 p.m. Eastern Time, November 13, 2009. If a firm determines that a registered person must answer “yes” to any of the new regulatory action disclosure questions, it should ensure that the disclosure reporting pages are complete for the amended filings. NASAA stated that the IARD will not be available for form filings on Saturday, November 14, 2009.

NASAA also reminded firms that any provisional “no” answers filed between May 18 and November 14, 2009, that are not amended prior to the deadline will become final, and the firm and investment adviser representative will be deemed to have represented that the person has not been the subject of any finding addressed by the new disclosure questions. Accordingly, firms should be certain that these responses represent the final response for an individual or update any such provisional “no” response by 11 p.m. Eastern Time, November 13, 2009.

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