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December 12, 2003 at 07:00 PM
NU Online News Service, Dec. 12, 2003, 5:25 p.m. EST – The U.S. Department of Labor wants small firms that manage benefit plan investments to register electronically.[@@]
The department has proposed a regulation that would require state-registered investment managers to use the Investment Adviser Registration Depository system to satisfy Employee Retirement Income Security Act filing requirements, according to a notice published earlier this week in the Federal Register.
The U.S. Securities and Exchange Commission and state securities regulators set up the IARD system so that they could receive state registration information electronically and publish the information on the Web.
Investment firms that manage more than $25 million in assets already register with the SEC electronically, and the Labor Department uses the electronic registrations to keep tabs on those firms.
The Labor Department’s proposed regulation would apply only to smaller managers. Under current law, those advisors register with securities regulators in their home states.
Most states already require small investment managers to register through the IARD, according to a discussion of the proposed Labor Department regulation written by Florence Novellino, an official with the Employee Benefits Security Administration.
But California, Florida, Kentucky, South Carolina and West Virginia still do not require small managers to use the IARD, Novellino writes.
