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A Better Partnership


Mar 2012
March 29, 2012

Recent News from NASAA

For Investment Advisers Switching from SEC to State Registration – A Free Online Resource from NASAA

The North American Securities Administrators Association has just launched a new online resource for investment advisers making “the Switch” to identify state registration requirements. Click here to go directly to that page. You’ll find helpful information about individual state registration fees, financial and bonding requirements, requirements for sole proprietorships and branch offices, de minimis requirements, and other required documents.  NASAA is not providing this as legal advice and requests that investment advisers and their counsel verify the provided information on NASAA’s website against the laws and rules in each state in which they intend to register.

NASAA extends the Investment Adviser Coordinated Review Program to April 30, 2012

Investment Advisers needing to register in 4 to 14 states as a result of the new “Switch” rule can participate in the coordinated review program by completing and submitting the Coordinated Review Form found in the IA Switch Resource Center (click here to get to it). You file this form at the NASAA website in addition to all the other materials required by the states. It’s a free program and is meant to streamline the multi-state review process during registration.

Two Dates to Remember:

March 30, 2012 – deadline to notify the SEC for investment advisers who will remain registered with them.

June 28, 2012 –deadline to switch to state registration for investment advisers no longer eligible for SEC registration

Feel free to contact me or any other member of Warner Norcross & Judd LLP’s BD/IA practice group for questions or concerns.

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