Registered Investment Advisers

Professional investment managers that advise others as to specific securities transactions must generally register as investment advisers either at the state level or with the SEC. Investment adviser registration can be more or less complex depending on your jurisdiction and current, or proposed, business model. However, we have found over the years that it is nearly always possible for clients to achieve their business goals within a compliant framework.

Registration Services

We routinely handle investment adviser registration matters under state laws as well as the Investment Advisors Act of 1940. Investment adviser registration generally requires that the investment adviser representatives take and pass any necessary examinations, that the firm and IA representatives pay mandatory filing fees, and that the firm develop a robust compliance program to adhere to applicable regulations on an ongoing basis.

Traders and money managers looking to launch a new investment advisory business may have the opportunity to take advantage of exemptions from registration as an investment advisor at both the state and federal level as they test investor appetite for their strategy and overall approach. Available exemptions vary widely from state to state and are not available to every advisor.

Compliance Support

Beyond registration services, we can provide ongoing support services to registered investment adviser clients. Our experienced attorneys and competent compliance staff assist our continuing clients as they look to keep a robust but efficient compliance infrastructure. We handle ongoing compliance matters for state registered advisers that adhere to highly varied state regimes, as well as SEC registered investment advisers subject to the Investment Advisors Act of 1940.

We have also advised many investment advisors based outside of the U.S. as to U.S. investment advisor registration matters and available exemptions.

We provide the following services in connection with the formation and operation of registered investment advisers:

  • Establishing and registering investment advisers firms
  • Preparing advisory agreements and customer disclosure documents
  • Reviewing marketing and promotional materials
  • Advising on general compliance and legal issues arising under state and federal law
  • Assistance with SEC (or state) examinations, deficiency letters, and administrative actions applicable to registered investment advisors and investment adviser representatives
  • Mergers, acquisitions, reorganizations, and joint ventures involving registered investment advisers and other asset managers