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IAA Amicus Brief Opposing Improper State Regulation of SEC Advisers
The Investment Adviser Association has submitted a “friend of the court” (or amicus) brief in a lawsuit filed in federal court in Missouri. The IAA’s brief focuses on the critically important issue of whether Missouri or other states have the legal authority to impose substantive regulation on SEC-registered investment advisers and their adviser personnel. The IAA’s answer is a resounding “no.”
June 26, 2024
State-by-state summary of registration requirements for Investment Adviser Representatives (IARs) of SEC advisers.
February 02, 2024
Comments on Wyoming’s Proposed Regulation of ESG Investing
The IAA recommended that Wyoming clarify that its proposed ESG rule would not apply to SEC-registered investment advisers or their representatives, pursuant to the National Securities Markets Improvement Act of 1996 (NSMIA).
September 18, 2023
Comments on the Massachusetts Securities Division’s Proposal on Fiduciary Conduct Standard
The IAA argued that the proposed fiduciary conduct standard should not apply to SEC-registered investment advisers or their representatives because that would be contrary to preemption provisions and the National Securities Markets Improvement Act of 1996.
July 25, 2019
Comments on Fiduciary Provision in Maryland Senate Bill 786
The IAA requested that the Maryland Senate Finance Committee remove references to federal covered advisers from a fiduciary provision in a bill and clarify that the provision would not apply to investment adviser representatives of federal covered advisers. These changes would preserve the division of regulatory oversight of investment advisers between the SEC and the states.
March 08, 2019
Comments on Fiduciary Provision in Maryland House Bill 1127
The IAA requested that the Maryland House Economic Matters Committee remove references to federal covered advisers from a fiduciary provision in a bill and clarify that the provision would not apply to investment adviser representatives of federal covered advisers. These changes would preserve the division of regulatory oversight of investment advisers between the SEC and the states.
March 08, 2019
Comments on the Nevada Securities Division’s Draft Regulations Regarding Fiduciary Duty
The IAA urged the Nevada Securities Division to make clear that its draft regulations regarding fiduciary duty do not apply to SEC-registered investment advisers or their representatives, because states are preempted from imposing substantive regulation on SEC-registered advisers.
March 01, 2019
Comments on the Washington Administrative Code (WAC) Amendments to Investment Adviser Rules
The IAA raised concerns that several of the State of Washington’s proposed rules for investment advisers were written to apply to SEC-registered advisers, which raises preemption issues.
January 08, 2019
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