Starting Monday, November 8, 2021, a registered investment adviser firm can access, via its IARD account, its Preliminary Renewal Statement for 2022 renewals. The Preliminary Renewal Statement must be paid, in full, by Monday, December 13, 2021. Depending on your method of payment, it may take at least two days for a payment to post to the IARD account. Because of this, your firm’s payment should arrive at FINRA no later than Wednesday, December 8, 2021, to ensure that funds are posted to your firm’s IARD account by December 13, 2021.
Maryland Division of Securities Proposes New IAR CE Requirement
November 03, 2021
The Maryland Division of Securities is proposing to require all investment adviser representatives (“IARs”) registered in Maryland to complete continuing education (“CE”).
The Securities Bureau of Nebraska Department of Banking and Finance has issued its 2022 renewal notice for state-registered investment adviser firms and investment adviser representatives.
Failure to Properly Renew Registration May Result in Adverse Consequences for Investment Advisers
October 29, 2021
Investment adviser firms and investment adviser representatives must maintain active registrations and/or notice filing statuses with applicable jurisdictions/states. Unless properly renewed, all investment adviser firm and investment adviser representative licensing approvals expire December 31 each calendar year. To ensure that investment adviser firms and their investment adviser representatives are properly licensed in all necessary jurisdictions for 2022, renewal fees must be paid through the Investment Adviser Registration Depository (“IARD”) system.
RIA Compliance Consultants Approved as IAR CE Provider
October 26, 2021
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.
Nebraska Proposes Rule Changes that Allow Investment Advisers to Utilize Client Testimonials & IARs to Dual License
October 09, 2021
The Nebraska Department of Banking & Finance recently published proposed revisions to its rules for investment advisers under the Securities Act of Nebraska.
SEC Raises Qualified Client Threshold
September 08, 2021
The U.S. Securities and Exchange Commission (“SEC”) recently finalized revisions to Rule 205-3 under the Investment Advisers Act of 1940, raising the net worth requirements for individuals who are charged performance fees. The SEC increased the threshold requirements for “qualified clients” to account for inflation, as required by the Dodd-Frank Act and section 205(e) of the Advisers Act. The next adjustment for inflation is anticipated in 2026.
Upcoming Webinar – Compliance Risks of Using Wrap-Fee Program
September 03, 2021
On Thursday, September 30, 2021 at 12:00 PM CST, RIA Compliance Consultants will present a live compliance training webinar about the Compliance Risks of Using Wrap-Fee Program. During this webinar our Senior Compliance Consultants will discuss the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (“SEC”) Wrap-Fee Risk Alert about its assessment of investment adviser firms associated with wrap fee programs.
SEC Charges 21 Investment Adviser Firms for Form ADV Part 3 Filing and Delivery Failures
August 02, 2021
The SEC fines Investment Advisers for failing to deliver and file Form CRS, also known as Form ADV Part 3
On July 26, 2021, the Securities and Exchange Commission (“SEC”) announced that 21 investment advisers agreed to settle charges that they failed to file and deliver their CRS Relationship Summary, also known as Form ADV Part 3, to their retail investors. Click here to read the SEC’s full announcement.
