The IA Switch: 
A Successful Collaboration to Enhance Investor Protection



The regulatory transfer of more than 2,100 investment advisers from federal to state oversight, commonly known as the IA Switch, was one of the most significant achievements in the history of the North American Securities Administrators Association (NASAA).

The Switch stemmed from Section 410 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act)1, which raised the assets under management (AUM) threshold for state regulation of investment advisers from $25 million to $100 million.

This report documents the work that went into the successful completion of the Switch. It draws from a survey completed by state securities regulators on the effect of the Switch;  detailed interviews with NASAA members who were key players throughout the Switch;  and industry feedback.


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