Attorney General James Continues to Modernize and Streamline Investment Adviser and Securities Filings in New York State

 

New Rules and Guidance Add Transparency and Protection for Industry and Investors

  New York Attorney General Letitia James today announced additional guidance further elaborating on recent rule amendments prepared by the Investor Protection Bureau (IPB) and adopted in 2020. Through these new rules, the Office of the Attorney General (OAG) has increased transparency for the public into the investment adviser representatives and securities issuers operating in New York state. 

“These new rules are propelling this office’s investment registration functions into the 21^st century and helping to level the playing field,” said Attorney General James. “By moving to standardized electronic filings and payments, our systems are now providing enhanced transparency to New Yorkers when it comes to their investments. Every one of these improvements will assist my office in its ongoing battle to keep New Yorkers, and their nest eggs, safe.”

The OAG has created a number of resources to assist potential filers, including the following:

Securities Issuers Using the NASAA Electronic Filing Depository (EFD):

• Broker-Dealer and Securities Registration Information Sheet
• Part 10 – EFD Form D Guidance
• Frequently Asked Questions (Updated)
  
  

Investment Adviser Representatives:

• Part 11 – IAR Registration Guidance
• Part 11 – 13 NYCRR 11.18 Guidance (New)
• Part 11 – Examination Requirements and Waivers for IARs under 13 NYCRR 11.6 and 11.7 Guidance (New)
• Frequently Asked Questions (Updated)
  
  

Additional information, including the adopted rules, is available on the IPB’s Rule Change page.

The IPB has also recently begun accepting — on a voluntary basis — online payments for filings currently submitted on paper, in addition to paper checks that will continue to be accepted. The IPB ePayment system link and the user guide can be found on the IPB’s main webpage. 

Investment adviser representatives should expect delays in processing of applications during the implementation period through December 2, 2021. Interested parties should periodically check the IPB Rule Change page for updated information regarding the new rules.