NASAA Archives - Page 2 of 2 - MasterCompliance

Part 2A of Form ADV: Firm Brochure

Posted on March 26, 2021March 26, 2021 by admin

Rule 204-3, the brochure rule, is a requirement under the Investment Advisers Act of 1940 that requires investment advisers to provide a written disclosure statement to their clients. The rule applies to all federally registered investment advisers and specifies times during the advisory process at which they must provide the materials. To satisfy this rule, adviser can either provide clients Part 2 of the Form ADV, or they can provide an actual brochure that contains the same information that would be found in Form ADV Part 2A and 2B.

Part 2 of the Form ADV consists of:

Form ADV Part 2A: Firm Brochure
Part 2A Appendix 1 of Form ADV: Wrap Fee Program Brochure
Form ADV Part 2B: Brochure Supplement describing certain supervised persons.

This blog will cover Part 2A of Form ADV: Firm Brochure, for more information on Form ADV, check out our Form ADV blog now, or our Part 2A Appendix 1 of Form ADV: Wrap Fee Program Brochure and Part 2A of Form ADV: Firm Brochure blogs being posted soon.

State Exemptions from Investment Adviser Registration

Posted on March 12, 2021March 12, 2021 by admin

For an investment adviser to qualify for an exemption from state registration, they have to either meet an exemption under the Investment Act of 1940, be a federal covered adviser, or be registered with the SEC. The Dodd-Frank Act has created 3 thresholds for investment advisers based of their assets under management (“AUM”) as well as some more general exclusions, all of which provide advisers the ability to register with the SEC.

NASAA’s New Rule on IAR CE

Posted on January 15, 2021February 8, 2021 by SCM Communications

The North American Securities Administrators Association (“NASAA”) recently adopted a new rule that will require Investment Advisor Representatives (“IARs”) to complete 12 credit hours of Continuing Education annually, 6 for IAR Ethics and Professional Responsibility Requirements and 6 for IAR Products and Practice Requirements. This will be the first time IARs have been subject to Continuing Education and as NASAA president Lisa A. Hopkins states, is intended to “promote heightened regulatory compliance while also helping investment adviser representatives better serve their clients by remaining knowledgeable of current regulatory requirements and best practices.”

The Senior Safe Act: “Immunity” with Conditions

Posted on July 22, 2019September 13, 2019 by SCM Communications

On May 23, 2019, the SEC, NASAA, and FINRA published a year-end review of the Senior Safe Act which became federal law one year ago. In doing so, they also issued a Fact Sheet to help raise awareness with financial institutions and describe how the Act’s immunity provisions work.

NASAA Proposes Information Security Rule for RIAs

Posted on October 17, 2018October 17, 2018 by SCM Communications

The North American Securities Administrators Association, Inc. (“NASAA”) is requesting public comment regarding a proposed model rule for information security and privacy for registered investment advisers (RIAs) under the Uniform Securities Acts Of 1956 And 2002. NASSA has been actively working on addressing various investment adviser-related cybersecurity concerns and desires for several years and has identified a significant need for more information and tools regarding cybersecurity.