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Wondering whether to register with the states or the SEC? It's a moving target.

New York advisors still left to wonder who has power over them

Author Lisa Shidler December 20, 2010 at 2:22 PM
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Melanie Senter Lubin: Advisors should get their ADV form ready to filed by March 31 and also make sure they know which states they’re going to need to file with.

Women of Wealth Management

Chuck Lowenstein

Chuck Lowenstein

December 22, 2010 — 3:18 PM

Just a minor correction. Twice, the article states that the current law requires IAs with AUM of $25 million or less must register with the states, e.g., “Currently, only advisors with $25 million in assets or less are required to register with the states.”

Almost, but not quite. The law requires those with LESS than $25 million to register with the states. Once the IA has reached $25 million, registration is optional with either the states or the SEC. At $30 million, SEC registration becomes mandatory.

Elizabeth MacBride

Elizabeth MacBride

December 22, 2010 — 3:51 PM

Thanks Chuck! I adjusted the story to clarify.

Peter Mafteiu

Peter Mafteiu

December 30, 2010 — 12:34 AM

It may be a rude awakening too for firms that go from SEC to State registration / supervision late in 2011. The home state can then “review” ADV disclosures (require modfication), review advisory contracts (require modification), polcies & procedures, advertising, etc.

In addition, if the adviser is a general partner and adviser to a private (hedge) fund, it even gets more interesting. Washington state is one that I know well; the regulations are designed to protect citizens, that is for sure (which is then felt as burdensome to the adviser / general partner of the Fund). Compliance is difficult!

Be slow to make the change, that is for sure!

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