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FAQs for IAs

NASAA is pleased to provide answers to frequently asked questions about investment advisers. Details 

NASAA Cybersecurity Checklist and Guidance for Investment Advisers

The NASAA Cybersecurity Checklist for Investment Advisers includes 89 assessment areas to help state-registered investment advisers identify, protect, and detect cybersecurity vulnerabilities; and to respond to and recover from cyber events.

NASAA Survey Regarding Continuing Education for Investment Adviser Representatives

Investment adviser representatives play an important role in the financial lives of millions of Americans, yet unlike most financial services professionals they are not independently required to meet a continuing education requirement to maintain their licenses to work with investors. State securities regulators are considering closing this investor protection gap by consulting with industry to develop a responsive and relevant continuing education program to help investment adviser representatives more safely and competently serve their clients. The overall goal of the program is to ensure that investment adviser representatives receive continuing education on the securities business relevant to their duties and obligations.This type of regulatory initiative benefits greatly from extensive internal and external input.

Following input from members and industry representatives, NASAA’s Investment Adviser Representative Continuing Education (IAR CE) Committee is progressing in its work to create a continuing education program for investment adviser representatives. As part of its work, the IAR CE Committee is conducting a nationwide survey to collect input and views on a potential course content for Investment Adviser Representative Continuing Education classes.

Begin the Survey 

Please respond to each question and share your views on the topics to be included in these classes. The survey is anonymous and will remain open until September 21, 2020. Industry input to this survey is critical for NASAA’s decision-making on the design and potential implementation of a continuing education program for investment adviser representatives.  

FAQ: Account Access Amendment to the Investment Adviser Model Rule on Unethical Business Practices of Investment Advisers and Investment Adviser Representatives

On November 6, 2017, NASAA adopted an amendment to NASAA’s Unethical Business Practices of Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers Model Rule to prohibit investment advisers from accessing clients’ electronic accounts through the clients’ own unique identifying information. The following Q&As are intended to help investment advisers understand the Account Access Model Rule, its purpose, and its application. Details

IAPD Reports

Investment Adviser Public Disclosure (IAPD) reports disclose information about state registered investment adviser representatives (IARs) to help investors determine whether to conduct, or continue to conduct, business with these individuals. The information contained within these reports is collected through the states’ registration and licensing process.

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