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NASAA INVESTMENT ADVISER REPORTS

Investment Adviser Section Annual Report, 2019

Updated data on state-registered investment advisers details the landscape of the state-registered investment adviser population and the related regulatory activities of state securities regulators. This report shows 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. Details

Investment Adviser Section Annual Report, 2018

NASAA’s first annual report identifying the contours of the state-registered investment adviser population and the related regulatory activities of state securities regulators. Also, 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. Details

Investment Adviser Switch Report

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 NASAA’s history.

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. Details

Related Reports

Paying Attention to That Man Behind the Curtain: State Securities Regulators’ Early Conversations with Robo-Advisers
The University of Toledo Law Review
By Andrea L. Seidt, Noula Zaharis and Charles Jarrett

Andrea L. Seidt is the Ohio Securities Commissioner, a position that she has held with the Ohio Department of Commerce since 2008. Noula Zaharis is the Director of the Georgia Secretary of State’s Division of Securities, a position that she has held since 2014. Charles Jarrett is a Senior Enforcement Attorney with the Georgia Division of Securities. This paper is the result of a collaboration inspired by the authors’ work on NASAA’s Investment Adviser Section Committee.