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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.

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Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

Summit Creek Capital
RIA Serving Endowments/Foundations
Top Executive: Duncan Morton III

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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