Investment Advisor Regulatory Proposal

Clients and prospective clients of investment advisers need to be provided with, or have access to, certain information about an investment adviser’s business to better enable them to make sound investment decisions and to reduce the risk that they will be victimized by fraud. On April 8, 2014, the Attorney General submitted the following rule making package to the Department of State that will do the following:

  • Require all investment advisors registered with the Attorney General's Office to actually deliver -- as opposed to merely offer to deliver critical information about their business to prospective and actual clients.
  • Clarify existing regulations that require registered investment advisers who charge fees six months or more in advance to provide audited financial statements (as opposed to unaudited financial statements) when they register with the Attorney General.
  • Update current rules that have become outdated or moot by deleting references to expired provisions or names of organizations that are no longer in use.

The proposed rules are scheduled to be published in the State Register on April 23, 2014. After publication, there will be a public comment period for a minimum of forty-five days, after which the Attorney General may adopt or amend the proposed regulation.

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