Six Weeks Before Mid-Size SEC-Registered Advisors Switch To State Regulation

Wednesday, February 15, 2012 12:05
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Six Weeks Before Mid-Size SEC-Registered Advisors Switch To State Regulation

Tags: regulation

Compliance professionals say there's going to be a rush of advisors trying to switch their registration from the SEC in about a month, but they admit that the details can get confusing.

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In particular, those who think they're done after they file the paperwork may get an unpleasant surprise as the March 30 deadline looms. 

 

For example, a lot of the state regulators actually check every line on the ADV for deficiencies, unlike the SEC, which seems to have only skimmed for glaring errors.

 

In other states, advisors need to file additional forms on a regular basis.

 

Bottom line: all A4A readers with AUM between $25 million and $100 million need to be ready now for the switch, or at least have their place in line. Otherwise, the third-party compliance firms will be busy.

 

You know what last-minute tax filing is like. Don't subject your registration to that kind of stress.

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