The New York State Office of the Attorney General ("OAG") issued guidance on state registration and filing requirements for brokers, dealers and investment advisers. The new guidance "elaborates" on rule amendments, adopted by the OAG's Investor Protection Bureau in December 2020, that transitioned filings and payments to standardized national systems.
Specifically, the OAG offered the following resources:
- Broker-Dealer and Securities Registration Information Sheet, which compiles, among other things, the filings to be completed by issuers of securities and broker-dealers participating in a distribution;
- Guidance on Mandatory Filing of Form D, for issuers selling Federal Regulation D Covered Securities as defined by SA Section 18(b)(4)(F);
- updated Brokers, Dealers and Salespersons FAQs on, among other things, penalties, secondary trading, registration and filing fees, and forms to be submitted to the North American Securities Administrators Association electronic filing depository;
- amended Guidance on Mandatory Registration for Investment Adviser Representatives, which discusses registration and examination requirements for the employees and agents of investment advisers;
- new Guidance on 13 NYCRR 11.18, which explains what the Attorney General will consider to be "in the public interest and for good cause" under the rule;
- new Guidance on Examination Requirements and Waivers, for investment adviser representatives; and
- updated Investment Advisers FAQs, which clarify, among other things, New York State law requirements applicable to investment advisers, including to SEC-registered investment advisers doing business in New York.
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