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November 29, 2011 at 07:16 AM
The North American Securities Administrators Association announced Tuesday that it has developed a coordinated review program for investment advisors switching from federal to state oversight as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Dodd-Frank requires investment advisors with assets under management of between $25 million and $100 million to switch from federal to state registration by mid-2012.
The Investment Adviser Coordinated Review Program is open to SEC-registered investment advisors switching their registration to between four and 14 states, NASAA says. Under Dodd-Frank, investment advisors registered in 15 or more states can remain with the SEC. The program will conclude on March 30, 2012.
“This initiative provides investment advisors registering in multiple states with an easier way to navigate the switch to state registration and gives states an opportunity to coordinate and resolve issues about potential problems with applicants,” said Jack Herstein (left), NASAA president and assistant director of the Nebraska Department of Banking and Finance Bureau of Securities, in a statement.
