Wednesday, October 31, 2012

IARD / PFRD SYSTEMS UPDATED

On 10/29/12, FINRA made enhancements to the IARD and CRD systems. Changes were mostly enhanced system functionality. The changes that affect RIAs include:

  • "Type ahead" lookup for various lookup fields
  • Layout and form organization
  • Updates to fees and renewal statements
  • Private Fund Advisor updates for renewals
  • State Advisors - New question as to whether you are both an advisor and manager to a trust (ADV1B, Item 2.I.(2)(b) - Pooled Investment Vehicles and Trusts)

ADV1B, Item 2.I.(2)(b) -- Do you or a related person act as investment adviser and a trustee for any trust, or act as a trustee for any trust in which your advisory clients are beneficiaries of the trust? If, yes, please contact AdvisorAssist @ Support@AdvisorAssist.com with the details of these relationships.

If you do not have a change to ADV1B, Item 2.I.(2)(b) above, there are no actions required at this time, however, any pending filings on your accounts will need to be deleted and re-created.

SEC Advisors may have received an email regarding the updates (see language below). We do not believe any emails went to State advisors.



IARD / PFRD SYSTEMS UPDATED

TO: ALL SEC ADVISERS THE IARD AND PFRD SYSTEMS HAVE BEEN UPDATED. A SUMMARY OF THESE UPDATES MAY BE FOUND AT HTTP://WWW.IARD.COM/RELEASE_NOTES.ASP . PLEASE NOTE THAT FORM ADV AND FORM PF FOR SEC ADVISERS HAVE NOT CHANGED - THE CHANGES THAT WERE MADE ARE SYSTEM CHANGES ONLY (SUCH AS NEW COMPLETENESS CHECKS THAT EXPAND ACCEPTABLE VALUES FOR CERTAIN QUESTIONS (E.G., ALLOWING MORE THAN 100% FOR CERTAIN QUESTIONS)). THE PFRD SYSTEM HAS ALSO BEEN UPGRADED TO KEEP DRAFT FORM PF FILINGS FOR 180 DAYS (AFTER WHICH TIME THESE UN-FILED DRAFT FILINGS ARE AUTOMATICALLY DELETED). ADVISERS FILING FORM PF BY XML SHOULD REVIEW THE REVISED FORM PF SCHEMA DOCUMENTATION AT HTTP://WWW.IARD.COM/PFRD/USERSUPPORT.ASP FOR CHANGES MADE TO THE SCHEMA. THESE CHANGES ARE LISTED AT THE BEGINNING OF THE DOCUMENT UNDER CHANGE HISTORY (E.G., THE FIELD TAGS FOR NFA ADVISERS AND NFA FUNDS HAVE BEEN CHANGED TO ELIMINATE CONFUSION BETWEEN THESE TWO FIELDS ON FORM PF). QUESTIONS REGARDING FORM ADV SHOULD BE SENT TO IARDLIVE@SEC.GOV AND QUESTIONS REGARDING FORM PF SHOULD BE SENT TO FORMPF@SEC.GOV. THANK YOU. WWW.IARD.COM

TRACKING INFO: Date Generated: 10/31/2012 00:10:12 Firm Sent To: [Firmname/CRD] THIS COMMUNICATION IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED AND CONTAINS OR MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL OR EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. If the reader of this communication is not the intended recipient (or the employee or agent responsible for delivering to the intended recipient), you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. If you have received this communication in error, please disregard and delete this communication, and do not disseminate or retain any copy of this communication.

Tuesday, October 30, 2012

Risk Assessments Enhancements - Feedback and Testers Needed

AdvisorAssist has been continually enhancing its topic-based risk assessments. We are in the process of developing an application to further enhance the experience and effectiveness of these tools. First off, we would love your feedback and suggestions to integrate into our plans. Please email any suggestions to AdvisorPortals@AdvisorAssist.com If your firm would like to join your colleagues in testing this new application as part of our pre-release, please let us know. Thank you. The AdvisorAssist Team.

Monday, October 29, 2012

Hurricane Sandy: AdvisorAssist BCP Plan

Clients, Partners and Friends:

As many of you along the eastern side of the country are preparing to protect your families and your livelihood, the AdvisorAssist team has you in our thoughts.

AdvisorAssist is prepared to support you during this tough period. AdvisorAssist operates on a fully redundant and secure cloud environment, with offices in multiple states.

If you have any business continuity matters and need support, please contact us at:

Advisor Support Line: 617-800-0388, Option 2
Email: Support@AdvisorAssist.com

If possible, please reflect on your business continuity plan as you endure this process. We welcome follow-up meetings to discuss and enhance your BCP plan.

Thank you.

The AdvisorAssist Team

Monday, October 22, 2012

SEC Issues Notice of Intent to Cancel Registrations of 293 Investment Advisers

SEC Issues Notice of Intent to Cancel Registrations of 293 Investment Advisers

Summary of SEC Release No. IA-3490; October 19, 2012

On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) was signed into law requiring mid-sized advisers (those between $25 million and $90 million) to move from SEC to state registration by June 28, 2012. As of the date of this report, more than 2,300 mid-sized advisers – those managing less than $100 million of assets – have made the transition to state regulation, but there are 293 that have yet to transition.

On October 19, 2012, the SEC issued Release No. IA-3490 identifying 293 advisers who may no longer be eligible for registration with the SEC because they manage less than $90 million or have failed to comply with other requirements.

Advisers identified in the notice have until December 17, 2012 to withdraw their SEC registration by filing a partial Form ADV-W, or inform the Commission staff that they have should remain eligible for registration with the SEC. After that date, the Commission may issue an order cancelling the registration of advisers who have not filed an amendment, withdrawn from registration, or requested a hearing.

Advisors receiving such a letter should work with their compliance consultants and their state regulators to promptly resolve any open registrations. If you have a registration in process with the state(s), we do suggest contacting the SEC in writing to demonstrate that the Advisor is making a good faith effort to comply.

If you have any questions regarding this compliance alert, please contact us at Support@AdvisorAssist.com or call 617-800-0388.