WASHINGTON, D.C. (May 7, 2018) – The North American Securities Administrators Association (NASAA) today released its first annual report identifying the contours of the state-registered investment adviser population and the related regulatory activities of state securities regulators.
“This report provides for the first time a snapshot of the state-registered investment adviser population in the United States and also showcases the tremendous amount of activity and resources state securities regulators bring to help these small- and mid-size businesses continue to succeed and both understand and comply with state securities law,” said Joseph P. Borg, NASAA President and Director of the Alabama Securities Commission.
The NASAA 2018 Investment Adviser Section Annual Report also spotlights the initiatives that NASAA’s Investment Adviser Section Committee and related Project Groups have completed over the course of the past year.
Included in the report are highlights of the important regulatory policy work, education and training, and coordination efforts of NASAA’s Investment Adviser Section Committee and Project Groups. Two major undertakings discussed in the report are the 2017 Coordinated Exams overseen by the Section’s Operations Project Group and the Cybersecurity Checklist for Investment Advisers prepared by the Section’s Cybersecurity and Technology Project Group.
“Both of these efforts were specifically designed to provide free and direct aid to smaller investment adviser shops. With these two reports in hand, state-registered investment advisers can quickly identify common examination deficiencies of concern to our member regulators and develop stronger cybersecurity policies, procedures, and practices. Both of those outcomes go a long way in protecting the assets of Main Street investors, one of NASAA’s chief missions,” said Andrea Seidt, Ohio Securities Commissioner and chair of NASAA’s Investor Adviser Section.
In addition the report discusses NASAA’s recently adopted amendment to NASAA’s model rule on the unethical business practices of investment advisers, investment adviser representatives, and federal covered advisers, prohibiting advisers from improperly using client passwords to access accounts.
The complete report is available on NASAA’s website, www.nasaa.org.
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Bob Webster | Director of Communications