Newly registered? Risk Alert with helpful resources included
Stark & Stark compliance attorney (and Investment Advisor columnist) Tom Giachetti provides a comprehensive description of what the SEC examiners are asking about when they come into a firm's office. See Creating a True Culture of Compliance.
Questions Advisers Should Ask While Establishing or Reviewing Their Compliance Programs - see Adviser Compliance Questions.
Yes. Regulation of Investment Advisers provides information on the definition of an investment adviser, which investment advisers must register, how an investment adviser registers, and requirements applicable to a registered investment adviser.
Press Release
FAQs
Compliance Guide
Final Rule
The following information can be found on NASAA resources for investment advisers: state investment adviser registration information, cybersecurity checklist, FAQs, investment adviser guide, and privacy guidance.
You must amend your Form ADV each year by filing an annual amendment within 90 days of your fiscal year-end. Be sure to review all responses to ensure everything is correct. When information becomes materially inaccurate, you must file an "other than annual" amendment.
We can help with these filings.
A high net worth (HNW) individual is an individual who is a “qualified client.” The Commission issued an order increasing for the effects of inflation the dollar amount threshold of the assets under-management test from $1,000,000 to $1,100,000 and the dollar amount threshold of the net worth test from $2,100,000 to $2,200,000.
https://www.sec.gov/files/rules/final/2021/ia-5904-fact-sheet.pdf
For many investment advisers, using an outside money manager provides a valuable means to increase efficiencies. See subadvisor article from Jacko Law Group for more information.
https://www.sec.gov/exams Other Resources - Risk Alerts
Code of Ethics and policies and procedures manual must be in place and updated when there are changes.
Personal trades must be reported to firm within 10 days of quarter-end.
Suitability information for clients must be retained and updated every three years.
Registration certificate must be current and posted in the office.
Emails must be retained.
Form ADV 2A and 2B must be filed with the ADV 1 on the IARD system.
Disaster recovery/business continuity plan must be in place.
No regulatory fee is required for annual ADV amendments.
Annual review of compliance program is not required.
A Chief Compliance Officer must be designated.
Code of Ethics and policies and procedures manual must be in place and reviewed/updated and attested to by employees annually.
Personal trades must be reported to firm within 30 days of quarter-end.
Outside business activities and personal holdings must be reported to firm annually.
Review of compliance program must be performed and documented annually.
Form ADV 2A must be filed with the ADV 1 on the IARD system and amended annually within 90 days of fiscal year-end.
Regulatory fee is required for annual ADV amendment.
Emails must be monitored, backed up, and tested.
A written best execution review must be performed annually. See Risk Alert regarding best execution reviews.
Disaster recovery/business continuity plan must be in place and tested annually.
Yes. See IARD Renewal Program for renewal and notice filing fee requirements, payment instructions, and FAQs.
Texas, Louisiana, and New Hampshire don't have a de minimis. You must register (if State-registered) or notice file (if SEC-registered) in those states if you have one client located there. All other states have a de miminis of 6 or more client addresses.
We can help with these filings.