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April 05, 2012 at 02:12 PM
The North American Securities Administrators Association (NASAA) has launched an online resource to help investment advisors switch from federal to state regulation. According to the Dodd-Frank Wall Street Reform and Consumer Protection Act, investment advisors with assets under management of between $25 million and $100 million must switch from federal to state authority by mid-2012. NASAA says there are about 3,200 advisors making the switch.
Under the new law, investment advisors currently registered with the Securities and Exchange Commission have already notified the agency of their eligibility to remain registered by March 30, 2012. Advisors that are no longer eligible must switch to state registration by June 28, 2012.
Among the online resources are:
- Registration requirements for each jurisdiction.
- Regulatory contacts for each jurisdiction.
- Guidance on which advisors will switch and which won’t.
- Due dates for switching.
- Access to local training seminars on the switch process.
- A switch FAQ
The NASAA claims that switching to state registration should not interfere with an advisor’s daily business operations. However, advisors new to state regulation may experience more frequent and more thorough examinations than they may have had under national oversight.
