Monday, December 16, 2013

Massachusetts NEW IAR Requirement -- CORI

On October 18, 2013 Massachusetts Securities Division of the Office of the Secretary of the Commonwealth (the "Division") sent a letter to registered investment advisors and others, notifying them of the requirement to renew their registration as an investment advisor and investment advisor representative ("IAR").

An additional notice in this letter describes the new requirement for new IARs registering with the Division to submit an executed Criminal Offender Record Information ("CORI") acknowledgement form to the division as a part of the application process.

THIS APPLIES ONLY TO NEW IARS. THOSE PREVIOUSLY REGISTERED DO NOT NEED TO TAKE ANY ACTION.

Here are the details:

  • IARs submitting a new registration application on or after January 1, 2014 will need to provide the CORI form with their application.
  • This requirement does not apply to IARs renewing their existing MA-IAR registration for 2014.
  • The form can be downloaded in PDF and emailed to the Commonwealth's dedicated email address.
  • Failure to provide the CORI form will result in your IAR application being incomplete.
  • The CORI form requirement applies to all new IAR applications, regardless of the RIA's form of registration (state or federal).

A copy of the letter can be found here: http://www.sec.state.ma.us/sct/sctpdf/renewal_letter_2014.pdf

Below is the CORI-related text from the letter mailed by the Division.

The Office of the Secretary of the Commonwealth, Securities Division is registered under the provisions of MASS. GEN. LAWS c. 6, § 172 to receive and review Criminal Offender Record Information (“CORI”) for the purpose of screening current registrants and otherwise qualified prospective registrants.

Subsequent to January 1, 2014 and pursuant to a change in Massachusetts Regulations at 950 MASS. CODE REGS. 12.205(2)(d)(1), each applicant for registration as an investment adviser representative in Massachusetts will be required to submit an executed CORI acknowledgement form to the Division as part of the application procedure.

The CORI acknowledgement form will be made available in fillable .pdf format on the Division’s website at the URL http://www.sec.state.ma.us/sct/ and is a required component of a complete application. The completed and executed CORI acknowledgement form shall be filed electronically with the Division via e-mail submission to the address CORI@sec.state.ma.us.

An application for investment adviser representative registration will not be deemed complete and processed until the CORI acknowledgement form has been received by the Division. This requirement applies to all investment adviser representatives applying for registration in Massachusetts, irrespective of whether they are associated with state or federally registered investment advisers. This requirement shall not apply to applicants for annual renewal registration which have made their renewal filings timely with the Division.


Please contact us if you have any questions or issues.

Thank you.

The AdvisorAssist Team

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