The deadline is fast approaching for midsize RIAs who must register with their states to do so. By June 28, approximately 2400 such firms will switch their registrations from the SEC to state regulation. Failure to meet the deadline can have big consequences: the firms’ registration may be revoked.
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About 1500 firms have received letters from the SEC warning of pending deregistration if they do not register with their home states. Filing for state registration by the June 28 date will avert the danger but many RIAs seem to be resting on their laurels until their states send their registration approval.
It’s true that states may be overwhelmed and that it may take a while for them to get through all of the paperwork. But filing by the deadline is imperative, either way. Don’t miss the June 28
filing date! That's next week. One week from today.