Investment Advisers News

News from the Washington State Department of Financial Institutions for Washington investment advisers.

Join the Securities Division to discuss how the recent amendments to the investment adviser rules, WAC 460-24A, impact investment advisers registered in the State of Washington. The amendments changed the financial reporting requirements, custody requirements, and books and records requirements. In addition, learn about common licensing issues and how to avoid typical examination mistakes.
The final stage of the annual renewal process for investment advisers is the fiscal year end filings.
The annual renewal fees for investment advisers and their representatives must be paid to the Investment Adviser Registration Depository (IARD) by December 12, 2014. Please see the notice linked below for more information.
Answers to frequently asked questions about the 2014 investment adviser rule amendments.
The Securities Division has amended the investment adviser rules in Chapter 460-24A WAC. The amendments update various provisions of the investment adviser rules, including the rules regarding financial reporting requirements, custody, books and records, and unethical practices. There are new rules addressing proxy voting, advisory contracts, and compliance policies and procedures. In addition, there are new exemptions from registration for 3(c)(7) fund advisers and venture capital fund advisers.
The Division of Securities has determined that advertisement of the "Five Star Wealth Manager: Best in Client Satisfaction" award (granted prior to 2012) is prohibited, and advertisement of the "Five Star Wealth Manager" award (granted in 2012 and forward) is restricted. Similar analysis will be applied to like programs and advertising.
The North American Securities Administrators Association announced the waiver of the Investment Adviser Registration Depository (IARD) system fees for investment adviser firms and the reinstatement of substantially reduced initial set-up and annual system fees paid by investment adviser representatives.
Notice from the Division of Securities regarding the use of Partnership and LLC Agreements to satisfy the written investment advisory contract requirement.
The Securities Division requires that any hedge fund manager with a place of business in Washington that receives compensation for managing a fund containing securities be registered as an investment adviser with the State of Washington, unless the manager is registered with the SEC, excepted from the definition of investment adviser under RCW 21.20.005, or exempted from registration under RCW 21.20 040.1.