With many RIAs staring down the onerous task of registering in multiple states, while coping with a new, more demanding ADV form, frustration is mounting at the lack of information from the SEC and the lack of uniformity among the states….. it was only a few days ago that the SEC posted the first shred of information about the switch to state oversight. That shred of information was the news that the commission plans to release its proposed rules between October and December.
The most difficult issues are clearly those surrounding the dual registration requirements, that call for advisors with an office or five or more clients in a state to register in it. An advisory firm that would be required to register in 15 or more states under the law can opt to remain SEC-registered; there’s also an exemption for advisory firms with institutional clients. It’s not clear to what extent registering in a state subjects an advisor to the different state regulations.
Click here for the full story: Frustration mounts: Experts, RIAs identify six most important unknowns about the switch to state oversight
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Red Oak Compliance Solutions is the global advertising review software of choice in the financial services industry. It is a comprehensive suite of SEC 17A-4 compliant features that are 100% books and records compliant and provides clients with 35% faster approvals and 70% fewer touches or better. We also offer Smart Review(SM), which solves for the storage and maintenance of disclosures, helping firms reduce risk, decrease review times, and increase the speed of distribution of marketing materials. Smart Registration(SM) automates the licensing and registration management process to help reduce regulatory risk and time spent on manual processes. Overall, Red Oak allows firms to minimize risk, reduce costs, and increase compliance review process effectiveness and efficiencies.