New State Requirements for Certain Investment Advisers and Solicitors at Smith & Bernards Associates

New and amended rules will go into effect in New York that require certain individuals associated with investment advisers to register with the state and to meet examination requirements.

With respect to investment advisers registered with the Securities and Exchange Commission (SEC), these new registration and examination requirements will only apply to individuals who meet the federal definition of an "investment adviser representative".

In addition, New York will now impose registration and examination requirements with respect to entities and individuals that qualify as solicitors, as defined in the state's revised rules. Individuals who were serving in any capacity for at least two years prior to February 1 that would now be required to register or comply with examination requirements, will be allowed to continue to engage in investment advisory business until December 2 without passing the requisite exams.

What does this mean for Smith & Bernards Associates?

Under the Revised Rules, a "solicitor" includes any individual or entity that "as a part of regular business, engages in the business of providing investment advice to the limited extent that such person receives compensation for introducing a prospective investor or investors to" a SEC Registered Adviser or a NY State Registered Adviser.

“All of the Smith & Bernards Associates staff are fully registered in compliance with these regulations that have been put in place and our clients have had no onward effect.” said Timothy Wendle - Chief Executive of Law
If require more information on this subject or you do have any questions for Smith & Bernards Associates please get in touch using the Smith & Bernards website.

Smith & Bernards Associates
320 Park Avenue - 31st Floor, New york, NY 10022, USA
https://smithbernards.com
contact-us@smithbernards.com
+1332-456-0692

Our firm has a team of attorneys, consultants and others with more than 100 years of combined experience in the securities industry and in securities law. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through The Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions.

This release was published on openPR.