Registered investment adviser firms must file amended Form U4s for all their investment adviser representatives to provide answers to the new regulatory action disclosure questions. The North American Securities Administrators Association (“NASAA”) has published notice clarifying that the new questions on the FINRA Form U4 and the deadline of November 13, 2009 applies to investment adviser representatives.
Category Archives: IAR Licensing
Registered Investment Advisors Need to Monitor Outside Business Activities of Investment Advisor Representatives
September 07, 2009
The establishment of policies and procedures designed to monitor the outside business activities (“OBAs”) of supervised persons (i.e. officers, directors, partners, investment advisor representatives, and employees) should be part of every registered investment advisor firm’s written compliance programs. RIA Compliance Consultants, Inc. suggests that some type of “outside business activities form” be created and all supervised persons be required to complete the form on an annual basis and whenever changes are needed. A supervised person should disclose and seek approval of an outside business activity prior to engaging in the activity.
2009 IARD Annual Renewal and Form ADV Annual Amendment Requirements
October 15, 2008
Beginning Monday, November 10, 2008, investment advisor firms can access their 2009 Preliminary Renewal Statements via their IARD account. The Preliminary Renewal Statement must be paid, in full, by Friday, December 12, 2008. Because it takes approximately two days for payment to post to the IARD account, the funds should arrive no later than Wednesday, December 10, 2008, to ensure the money is posted to your IARD account by the 12th.
Investment Advisor Representatives’ Duty to Update Form U4
October 31, 2006
The end of the year is an excellent time to remind investment advisor representatives (IARs) of the duty to update their Form U4. In addition, investment advisor firms should be, at least annually, reminding IARs of their ongoing duty to update the U4. According to the U4 instructions, “an individual is under a continuing obligation to amend and update information required by Form U4 as changes occur.” A state regulator can take action against an individual for improperly reporting any information on the form. This is especially true for an individual’s employment background and disciplinary actions.
Qualifications for IAR
November 08, 2005
As a follow-up to our previous entry, we thought we would discuss the general licensing qualifications that state regulators impose for investment advisor representatives. The following are the standard licensing requirements that states will accept as a qualification for investment advisor representative licensing:
IAR Licensing
November 08, 2005
As the 2006 IARD renewals season quickly approaches, it is a good time to examine which associated persons of an investment advisor firm need to be licensed as investment advisor representatives.
Licensing Maze – Investment Advisor Representative Registrations
August 22, 2005
Where do investment advisor representatives (IARs) need to be licensed?
