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New York attorney general issues guidelines on state security filing requirements

June 07, 2021

Cadwalader, Wickersham & Taft LLP

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The New York State Office of the Attorney General (“OAG”) has issued guidance on state registration and notification requirements for brokers, dealers and investment advisers. The new guideline “elaborates” rule changes that were accepted by the Investor Protection Bureau of the OAG in December 2020 and converted the submissions and payments to standardized national systems.

Specifically, the BA offered the following resources:

  • Broker-Dealer and Securities Registration Information Sheet, which includes, among other things, the submissions to be completed by securities issuers and broker-dealers participating in a sale;
  • Instructions for the mandatory filing of Form D for issuers selling Federal Regulation D covered securities within the meaning of SA Section 18 (b) (4) (F);
  • Updated broker, trader and seller 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 depository;
  • Modified Guide to Mandatory Registration for Investment Adviser Representatives, which discusses the registration and auditing requirements for investment adviser employees and agents;
  • new guidance on 13 NYCRR 11.18 explaining what the attorney general considers to be “in the public interest and for good reason” under the rule;
  • new guidance on audit requirements and waivers for investment advisor representatives; and
  • Updated Investment Adviser FAQs, including information on New York State legal requirements for investment advisers, including SEC-registered investment advisers working in New York.

The content of this article is intended to provide general guidance on the subject. Expert advice should be sought regarding your specific circumstances.

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