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June 28, 2012 at 06:34 AM
Thursday marked the deadline for advisors with assets of between $25 million and $100 million under management to switch from federal to state jurisdiction. While overall things have gone smoothly, there are, as might be expected, some stragglers.
Not among state regulators, however. Bob Webster, spokesman for the North American Securities Administrators Association (NASAA), said in an interview that “states have been working on this for two years now, preparing—actually, even prior to Dodd-Frank’s passage,” which would make it a more-than-two-year effort.
States have been proactive, Webster said, with “a pretty aggressive outreach to to the investment advisor community, hosting workshops and seminars to help switching advisors become familiar with” all the requirements and to educate them on how to go through the process. They’ve also worked hard, he added, to help regulators get to know the RIAs coming over from federal registration. Such efforts were previously reported by AdvisorOne.
“The ‘switch’ is the single largest regulatory event involving a coordinated effort between states and the SEC. It’s been a very cooperative effort, and by and large, things have gone smoothly,” Webster said. “From what we’re hearing from our members, we know the states are working as hard as they can to get registrations reviewed and deficiencies resolved.”
