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Securities Ticker - Proposed Rule Amendments for New York-registered Investment Advisers

June 16, 2014

On April 8, 2014, the New York Attorney General announced proposed amendments to rules applicable to New York-registered investment advisers.  The proposals include:

  • Requiring each New York-registered investment advisor to actually deliver to its clients the information in the investment adviser’s Form ADV.  Currently, investment advisers are only required to notify their clients that they may obtain such information.
  • Clarifying existing regulations that require each New York-registered investment adviser who charges fees six months or more in advance to provide its clients with audited financial statements.  Currently, unaudited financial are acceptable.
  • Updating current rules that have become outdated or moot by deleting references to expired provisions or names of organizations that are no longer in use.

The proposed rules are scheduled to be published on April 23, 2014.  After publication, there will be a public comment period for a minimum of 45 days, after which the proposed changes may be adopted, rejected or amended.

About the Author
James G. Smith is a Partner at Tarter Krinsky & Drogin LLP. He focuses on complex securities and corporate transactions, investment management and corporate law


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