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Transition from SEC to State Investment Adviser Registration |
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Section 410 of the Dodd-Frank Act will require mid-sized investment adviser
firms to switch from
federal to state regulation. All registered investment advisers
must determine their Regulatory
Assets Under Management ("RAUM") between
January 1, 2012 and March 30, 2012. Any SEC
registered adviser whose RAUM
is below $90 million must register with their applicable State
Regulatory
Authority(ies), unless they comply with other provisions authorizing continued
SEC
registration. If your firm falls into this category, it is important to
educate
yourself on the
necessary steps to accomplish the transition in a timely fashion,
and
the
different regulatory
requirements that apply to your firm.
Many firms believe that the transition to State registration is just a “flip of the
switch” through
IARD. However, the differences in the regulatory requirements
between the SEC and the state
regulatory authorities are significant, and should
not be taken lightly. For example, state
regulatory authorities each have their own
view on “sufficient” ADV disclosures, and regulations
that sometimes differ from
the SEC in the areas of custody, financial dealing with clients (i.e.,
loaning money
to or from clients), contract provisions, and net capital requirements, to name a
few. In addition, state regulators are strongly suggesting that firms begin the
transition process
as early as November, 2011 to avoid getting caught in the rush
of applications that are likely to
occur during the first half of 2012. RRS can help
with the transition, and compliance with state
regulations.
Below are helpful links to help guide you through this process. If we can help,
please contact us.
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Contact: |
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Rick White
Phone: (850) 385-0928
Fax: (850) 385-0923
Email: RickWhite@RRSCompliance.com  |
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