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Investment Adviser (IA) & Investment Adviser Representative

SENATE BILL 28

RECENT LEGISLATION: Nevada State Senate Bill 28 (“SB 28”), effective July 1, 2013, prohibits the unethical or dishonest practice in the securities business of utilizing certain “senior designation” certifications, as well as other unethical conduct. SB 28 also modifies the information that may be considered during licensing proceedings, and makes it a specific violation of Nevada securities laws to provide any materially false, fraudulent or fictitious statement during an investigation. For these and other changes to the Nevada Uniform Securities Act, see the complete copy of SB 28 as enrolled, at the following web address. https://www.leg.state.nv.us/Session/77th2013/Bills/SB/SB28_EN.pdf

 

DIVISION ADVISORY LETTER FOR INVESTMENT ADVISERS WHO SELL FUNDS: AGENT OF THE ISSUER Click here


INVESTMENT ADVISER WORKSHOP: “Regulatory Changes for Advisers”   

Was held: January 28, 2011 -2:00 PM to 3:30 PM (Las Vegas); January 31, 2011 -2:00 PM to 3:30 PM (Reno) Click here for handouts 

 

ALERT:  NEW FORM ADV PART II FOR ALL INVESTMENT ADVISERS LICENSED WITH NEVADA

Between October 12, 2010 and December 31, 2010, new applicants filing Form ADV and currently licensed investment advisers filing amendments to their Part II of Form ADV may use either the old Part II or the new Part 2. After January 1, 2011, all new investment advisers registering for the first time in any state or for initial registration in a new state should submit the new Part 2 through the IARD to the states in which registration is being sought. Those already registered will need to incorporate the new Part 2 with their next filing of an amendment to Form ADV or their annual updating amendment to Form ADV, whichever occurs first. Each investment adviser with a fiscal year end of December 31, 2010, who hasn’t already filed an updated Part 2, must file an annual updating amendment in IARD with the new Part 2 brochures no later than March 31, 2011. Blank templates for the new Form ADV Part 2 are on the NASAA Form ADV webpage for free download and use by investment advisers.

 

ALERT:  Dodd-Frank Wall Street Reform and Consumer Protection Act

Under the law, IAs with assets under management of less than $100 million will switch from federal to state regulation by July 21, 2011. To prepare for the Switch in Nevada, Investment Advisers should start to prepare NOW.  A tool that may assist you is available from the NASAA IA Switch Resource Center, which can be accessed by clicking on the icon below.  Also, please periodically check the Securities and Exchange Commission website for updates.

IA Switch resource center 2

 

The following information is not intended to replace, or to be a composite of the statutes and regulations NRS Chapter 90 or NAC Chapter 90. It is intended only to assist applicants. The Secretary of State Securities Division is a participant in the Investment Adviser Registration Depository (IARD). The IARD is a web-based electronic filing system at www.iard.com.

REQUIRMENTS FOR APPLICATION
REQUIREMENTS FOR INVESTMENT ADVISERS (Firms only)

Federal Covered Advisers
The SEC has adopted rules mandating that all SEC registered Federal Covered Advisers use the IARD and file their FORM ADV and all amendments electronically.

In general, advisers who have less than $25 million of assets under management are prohibited from registering with the SEC, and must register with the states in which they conduct business

State Licensed Advisers
For investment advisers licensed with the Nevada Securities Division, all filings are to be made through the IARD on FORM ADV and all amendments.

How to Set Up an Account
Forms and information about setting up an IARD Account can be found on the NASDR's website www.iard.com. A financial account for billing and payment of fees will be established for your firm and will be paid from this account to Nevada. The fee for investment adviser firms is $300.00 annually. (NRS 90.360)

IARD processing and maintenance fees, which are paid to the system vendor, are in addition to the state licensing fees.

Part II Form ADV - Firms will be required to file electronically Part 1A, 1B, and Part II through IARD for Nevada licensing (see Special Notice - PDF).

REQUIREMENTS FOR REPRESENTATIVES OF INVESTMENT ADVISERS (Individuals)

The IARD is set up to receive U-4's for licensing of representatives of investment advisers.

  1. Filing Fee of $110.00 for initial application and renewal will be deducted from the CRD/IARD account set up by the firm.
  2. Form U-4. The Uniform Application for Securities Industry Registration or Transfer will be accepted electronically by the CRD/IARD system.
  3. Information regarding exams will be submitted through CRD/IARD. Nevada requires Series 65 or both 66 and 7 examination(s) (if not expired) or one of the following designations:

    Certified Financial Planner (CFP) granted by the Certified Financial Planners Board   of Standards; Chartered Investment Counselor (CIC) granted by the Investment Counsel Association of America; Chartered Financial Consultant (ChFC) granted by the American College; Personal Financial Consultant (PFS) granted by the American Institute of Certified Public Accountant or Chartered Financial Analyst (CFA) granted by the Association for Investment Management and Research.

  4. Representatives of Investment Advisers of "Federal Covered Advisers." Please note that a representative of a Federal Covered Adviser with a place of business in Nevada must be licensed as a representative of an Investment Adviser.(NAC 90.3912) NRS 90.340

RENEWAL (Firms and Individuals)

Fees
In November of each year you will receive a renewal notice from the IARD advising how much you must remit for renewal of the investment adviser ($300.00) and representatives of investment advisers($110.00). All renewal fees will be paid through the IARD system.

A Powerpoint presentation of the IARD renewal process can be found at www.nasaa.org under main menu, "Investment Advisor - Powerpoint Presentations".

WITHDRAWAL (Firms only)

File Form ADV-W through IARD
Form ADV-W is effective upon acceptance by the Nevada Securities Division. Moving to Federal Registration or from Notice Filing status to State licensed - do not file ADV-W

If you are registering with the SEC because you are eligible for SEC you must notify the IARD that you will be "Notice Filing" or state licensed. The fee will be deducted from your IARD account.

OTHER ITEMS
1. FINRA and SEC forms can be obtained from:
Securities & Exchange Commission
Publication Unite Mail Stop C-11
450 5th Street, NW
Washington, DC 20549
Message request 202-942-4046
www.sec.gov
-or- Financial Industry Regulatory Authority
Media Source
P.O. Box 9403
Gaithersburg, MD 20898
301-590-6500
www.nasdr.com

2. Exam Study and Testing Information:
Pictorial
Dearborn Institute
Sylvan Learning Center- scheduling
Las Vegas Office

Insurance & Securities School
Insurance & Securities Training
  800-428-1324
800-824-8742
800-967-1100
702-876-4090

800-845-3392
800-352-6260

For questions on the application of IA and IAR please contact our office at (702) 486-2440 and ask for Terry Sanchez, Administrative Assistant III, Licensing.

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Last updated: 6/28/2013 1:54:31 PM