Investment advisors in the U.S. are subject to complex federal and state regulatory regimes. The Dodd Frank Act allocates the regulatory responsibility for overseeing investment advisers between the SEC and the states. Under such regulatory responsibility divide, small and medium investment advisers are generally prohibited from registering with the SEC unless they are qualified for an exception from the prohibition of registering with the SEC. An investment adviser precluded from registering with the SEC may be required to register with one or more state securities regulatory authorities. In addition, investment advisers required to register with the SEC may rely on certain exemptions from registration. We can assist firms in complying with the registration or exemption requirements and navigate the SEC and state registration processes, including filing Form ADV for registration or filing reports on Form ADV as an exempt reporting adviser.
Registered investment advisers (RIAs) and exempt reporting advisers (ERAs) are required to comply with the Advisers Act of 1940; in addition, RIAs are required to establish an anti-money laundering and countering the financing of terrorism program under the Bank Secrecy Act. It is critical for RIAs and ERAs to establish a compliance program that is reasonably designed to comply with various requirements applicable to them and fulfill their fiduciary duties and responsibilities. We offer RIA and ERA services and compliance support to help firms satisfy various requirements.