For any individual responsible for reviewing and interpreting his or her registered investment adviser firm’s Preliminary Renewal State, there’s a new line item charge worth noting. In past years, the IARD system waived the RA system processing fee for each investment adviser representative’s electronic filing activity; however, for this year, an investment adviser firm’s renewal fees apparently include a $10.00 annual fee per investment adviser representative, which is described as “RA System Processing Fee” on an investment adviser firm’s Preliminary Renewal Statement. For more details from the IARD system, please click here.
Category Archives: IAR Licensing
Washington State Securities Division Releases Investment Adviser Renewal Notice for 2013
October 24, 2012
The Securities Division of the State of Washington’s Department of Financial Institutions released a memorandum regarding investment adviser renewals for 2013. Click here for more details about investment adviser and investment adviser representative renewals in State of Washington.
The Form U4, the Uniform Application for Securities Industry Registration or Transfer, is the form used by investment advisers, broker-dealers, or issuers of securities to register representatives in the appropriate jurisdictions and/or with the appropriate self-regulatory organizations. As a registered investment adviser, you must make the determination of which individuals in your firm will meet the definition of an investment adviser representative, complete a Form U4 for each individual, and submit it to the applicable state securities regulators in order for the investment adviser representatives to be properly licensed under the firm. However, it is important to understand that the obligation for completing the Form U4 does not stop once the investment adviser representative is licensed. Investment adviser representatives are obligated to amend and update the information required by the Form U4 as changes occur and not doing so can result in disciplinary actions.
Form ADV Part 1 Custody Changes
November 15, 2010
As part of CRD/IARD Software Release 2010.4 (click here to access the release), the United States Securities and Exchange Commission (“SEC”) announced changes to the custody questions listed on Form ADV Part 1. Specifically, the following changes have been made to Item 9 of Form ADV Part 1:
Registered Representatives of Broker-Dealers May No Longer Use Form U10 to Open Series 65 Exam
November 06, 2010
If a registered representative of a broker-dealer wants to open a Series 65 exam window, it is the understanding of RIA Compliance Consultants that the registered representative must now go through his or her broker-dealer’s Web CRD account by using Form U4. This could create an additional challenge for certain registered representatives preparing to depart a broker-dealer.
The General Assembly of the Commonwealth of Kentucky recently made several changes to the Securities Act of Kentucky which affect investment adviser representatives and their registration requirements.
Form U4 Information for Investment Adviser Reps Now Available Online to Public via IAPD
June 29, 2010
Pursuant to Release 2010.2 published on June 28, 2010 by the Investment Adviser Registration Depository (“IARD”), the Investment Adviser Public Disclosure (“IAPD) database now allows users to search for investment adviser representatives. Prior to the release, investment advisers and investment adviser representatives submitted registration and licensing information to the IARD; however, only information for investment adviser firms was available on the IAPD database. With Release 2010.2, effective June 28, 2010, the information investment adviser representatives have provided on Form U4 is publicly available through the IAPD database.
In 2009, the State of Michigan adopted several amendments to the Michigan Uniform Securities Act. One of the major amendments to the Michigan Securities Laws requires all investment adviser representatives to be licensed.
Recent Changes Regarding the Series 65 and Series 66 Examinations
January 13, 2010
Effective January 1, 2010, the North American Securities Administrators Association (“NASAA”) has made some changes regarding the composition and the minimum passing score for the Series 65 and Series 66 Examinations.
2010 IARD Renewal & Form ADV Annual Amendment Requirements
November 02, 2009
Beginning Monday, November 16, 2009, registered investment advisor firms can access their 2010 Preliminary Renewal Statements via their IARD account. The Preliminary Renewal Statement must be paid, in full, by Friday, December 11, 2009. Because it takes approximately two days for payment to post to the IARD account, the funds should arrive no later than Wednesday, December 09, 2009, to ensure the money is posted to your IARD account by December 11.
