Tuesday, September 28, 2010
NASAA today launched an online resource to help investment adviser firms prepare to switch from federal to state regulation. The new NASAA IA Switch Resource Center provides a series of resources to keep firms informed of the upcoming registration switch, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the new law, investment advisers with assets under management of less than $100 million will be required to register with and be examined by state securities regulators. The previous threshold had been $25 million. The new law takes effect on July 21, 2011.
The IA Switch Resource Center includes background information, answers to frequently asked questions and a directory of state contacts. Users of the site also are able to send their questions to NASAA. These questions, in turn, will be used to update the site’s FAQ.