New York State Attorney General 1

New York State Attorney General


When is a firm required to enroll with the state or notice file in NY? Registration or notice processing is necessary with 6 or even more clients through the Investment Adviser Registration Depository system (“IARD”). May I sign-up or notice document with significantly less than 6 NY clients? What exactly are the possession requirements for an investment advisory company?

If the company is arranged as a corporation or a restricted responsibility entity or any other business structure, there must be an individual control person discovered in Schedule A of the ADV. Refer to the ADV instructions for clarification. What are certain requirements for Securities Exchange Commission (“SEC”) authorized advisers? If you have more than 5 NY clients, you must post a notice processing by adding NY as a notice processing condition on the IARD. I am longer qualified to receive SEC enrollment no. What should I do?

200 annual charge must be paid to FINRA through the IARD system). See §11.6, 11.9, and 11.14 of the investment consultant regulations for information about financial claims and the assessment requirement. Which New York firms are required to sign-up with the SEC? 25 million dollars of property under management. 90 million dollars of possessions under management.

Where may i find the investment adviser regulations? Click for Part 11 here. Investment Advisory Services . It is strongly recommended you print out and read the Title 13, Part 11 NY Code of Rules and Regulations (NYCRR) commonly referred to as the regulations before starting the process. What do I document? All firms seeking to do business in New York must file the form ADV through the IARD system.

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  • A financial plan talks about all the financial areas of your life, not merely your investments
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  • Hedging and its practices ( a little IT firm in Munchen )
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  • You close all your Roth IRA accounts

Where should i obtain a duplicate of the ADV? The SEC website may have other helpful information for both state and federally authorized advisers. How do I file the ADV electronically? You will receive information about how to complete the IARD filing along with instructions on how to invest in the IARD account.

Could some explanation be provided for Part 2? The Part 2 is narrative entirely. Part 2A has 19 items and Part 2B has 7 items, all with multiple parts, each must be read completely. The proceeding for every item must be included. The headings must be in the same order as indicated in the application.

If any part of an item is not applicable, write Applicable” “Not. The narrative must maintain plain English, using short sentences. Review the instructions and address each completely carefully. CAN I file a paper copy of the ADV? No, the entire ADV must be submitted through the IARD.

Does other things have to be submitted in addition to the IARD filing? State registered advisers must send an income declaration and balance sheet either audited or authorized by management and may be asked to submit one or more of Form NY-IAQ. All condition signed up investment advisers must submit a balance sheet and income declaration. There is currently no net capital or bonding requirement in NY.

Must the financial statements prepare yourself according to generally accepted accounting concepts? Yes, see NYCRR Title 13, Part 11, §11.14 of the investment adviser regulations. CAN I prepare the financial claims myself or must an accountant? We do not require an accountant prepare the financial claims, they must prepare yourself relating to generally accepted accounting principles however. The financial record must be prepared for the specific type of entity. For instance, the total amount sheet for a corporation will need to have a stockholders collateral section and a LLC must have the member capital section, neither financial display is permitted to have a world wide web worth section. The income declaration must have three areas: revenue, expenditures and net gain (profit/loss).

The balance sheet and the income statement must be constant with one another and should not support the personal expenses, liabilities or resources of its principals. Will there be a template for the financial statements? Does NY enroll investment adviser reps through FINRA’s U4 process? No, but there are exam requirements for those people who represent state authorized investment advisers. A couple of no exam requirements for SEC signed up firms. How do I know if I am required to take an exam?