The North American Securities Administrators Association (“NASAA”) recently released its 2023 Investment Adviser Coordinated Exam findings. The report provides valuable insights and empirical data with respect to the most common deficiencies found during 683 routine examinations of state-registered investment advisers located throughout the U.S. and conducted from January 1 to July 31, 2023.
On December 9, 2021, the Securities Division of the Vermont Department of Financial Regulation announced it had adopted an investment adviser representative continuing education requirement, making it the second state to now require investment adviser representatives to complete investment adviser representative continuing education (“IAR CE”). Closely tracking the NASAA’s Model IAR CE Rule and effective for the 2022 calendar year, investment adviser representatives who are registered in Vermont must now complete 12 credit hours of IAR CE each year.
We are excited to announce that RIA Compliance Consultants, Inc. has been approved as an investment adviser representative continuing education (“IAR CE”) provider by Prometric on behalf of the North American Securities Administrators Association (“NASAA”). RIA Compliance Consultants plans to offer a diverse lineup of IAR CE to help investment adviser representatives meet the regulatory obligations of the state(s) where they are licensed. Even when not required by the state securities regulator, investment adviser continuing education courses are a great training resource for investment adviser firms and their IARs.
The Nebraska Department of Banking & Finance recently published proposed revisions to its rules for investment advisers under the Securities Act of Nebraska.
Mississippi is the first state to adopt the Model Rule on Investment Adviser Representative Continuing Education (“Model Rule”) published by the North American Securities Administrators Association (“NASAA”) in 2020. Adopted without substantive changes, Mississippi’s new IAR CE rule closely tracks the Model Rule which will simplify compliance for investment adviser representatives registered in multiple states. As states continue to adopt the IAR CE Model Rule, NASAA will update its list of member states that are adopting the Model Rule.
The North American Securities Administrators Association (“NASAA”) recently published a new handbook to guide investment adviser firms and other professionals that are interested in becoming content providers under NASAA’s Model Rule on Investment Adviser Representative Continuing Education (“Model Rule”). The handbook is the most recent resource published by NASAA as it works to implement the compliance and logistical framework needed to facilitate the Model Rule. To view NASAA’s Investment Adviser Representative Continuing Education Program Handbook, click here.
On January 7, 2021, the North American Securities Administrators Association (NASAA) reminded state-registered investment advisers to report to their primary securities regulator any known issues or concerns related to a recent RIA cybersecurity incident.
The North American Securities Administrators Association, Inc. (“NASAA”) is currently seeking input from NASAA members (i.e., state and provincial securities regulators) and other industry professionals, including registered investment advisers and their representatives regarding potential content for classes in its proposed investment adviser representative continuing education program. NASAA intends to utilize survey responses for design and implementation of the proposed IAR continuing education program.
The North American Securities Administrators Association, Inc. (“NASAA”) recently released a white paper detailing the results of a study conducted by its Senior Issues/Diminished Capacity Committee. While many investment adviser firms are increasingly aware of issues related to diminished capacity in clients, NASAA has found that not all registered investment advisers are prepared to identify and address diminished capacity among investment adviser representatives. As part of the study, NASAA surveyed a number of financial institutions and industry professionals including Bryan Hill, President of RIA Compliance Consultants, Inc.
Earlier this year, the North American Securities Administrators Association, Inc. (“NASAA”) proposed a new model rule that would require investment adviser representatives (“IARs”) to complete a specified amount of continuing education (“CE”) credits each year. The proposed model rule would apply to every IAR registered in a state that adopts the model rule, including IARs associated with state registered investment adviser firms. It would also cover IARs for federal covered advisers (i.e. SEC-registered advisers) to the extent that those IARs are registered in a given state.
