Resources

IA Checklist

Missouri Investment Adviser Application Checklist

Missouri Securities Division Audit Unit Information

IA Switch Pre-Registration Exam Report

IA Switch Final Report

Presentation on IA Switch Issues

No Action Letter

No-Action Determination Concerning Private Fund Advisers

IA Switch Letter to IA Firms

December 2011 Letter to Switching Investment Advisers

Pension Administrators No-Action Letter

No-Action Determination on Pending Application at Switch Deadline


The Investment Adviser Transition to State Registration


           (click to view)
 

           (click to view)


 

What is the IA Switch? The "switch" was a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law on July 21, 2010. The Dodd-Frank Act made significant changes to the federal registration provisions for investment advisers and required many firms to "switch" their registration from the U.S. Securities & Exchange Commission ("SEC") to state securities registration.

Which firms are affected? The "switch" affected more than thirty Missouri-based investment advisers, and resulted in more than sixty newly registered investment advisers in Missouri. These firms added more than $3 billion in assets under management to the Missouri investment adviser community.

When did firms complete the switch? The deadline for firms to withdraw from the SEC was June 28, 2012. By July 9, 2012, all the investment advisers who applied for Missouri registration pursuant to the switch were approved and licensed.

What happens next? By July 1, 2013, the Audit Unit of the Missouri Securities Division will conduct a routine field audit of each investment adviser that switched from federal to Missouri registration.

 

Subscribe

Subscribe to the Missouri Securities Division e-newsletter.

  • September 6, 2012
    The Commissioner of Securities has issued an Advisory Release alerting Missouri's investment advisers and others to a recent report on the Investment Adviser Registration "Switch." Read the release here, and the Report here.

  • July 3, 2012
    The Commissioner of Securities has issued an Advisory Release concerning pending investment adviser registration applications after the Dodd-Frank Act "Switch" deadline. Read the release here.

  • May 17, 2012
    The Commissioner of Securities has issued an Advisory Release concerning a no-action letter and the April 26 rulemaking concerning Missouri Private Fund Advisers. Read the release here.

  • April 26, 2012
    The Commissioner of Securities has issued an advisory release concerning a rulemaking related to an exemption from registration for certain advisers to private funds. Read the release here.

  • March 23, 2012
    The Commissioner of Securities has issued an advisory release on the fast-approaching deadlines and best registration practices for investment advisers switching to state registration. Read the release here.

  • December 30, 2011
    The Commissioner of Securities sent a letter to Missouri Investment Advisers who may switch to state regulation in 2012 under the Dodd-Frank Act. Read the letter here .

  • December 15, 2011
    Advisory Release AR-11-07
    The Commissioner of Securities issued an advisory release summarizing NASAA’s coordinated review program for investment advisers switching to state regulation in 4-14 states. Read the release here.

  • July 20, 2011
    Advisory Release AR-11-04
    The Commissioner of Securities for the State of Missouri issued an advisory release summarizing a No-Action Determination issued in response to a request by an adviser to a private fund. Read the release here.


View all developments