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Investment Adviser Licensing and Regulation

Practices

There are few businesses that are more closely regulated than those involved in the purchase and sale of securities. Investment advisers are subject to scrutiny by the Securities and Exchange Commission and state securities regulators.

Investment Advisory Regulation

We have practiced in this specialized arena for many years and have assisted investment advisers and their representatives with licensing, registration, litigation and disciplinary inquiries. We have extensive experience with the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the Investment Company Act of 1940, FINRA regulations and state securities laws.

Industry Experience

We have extensive industry experience:

  • Preparing and filing form investment advisory and securities industry registrations on both the federal and state levels as well as the required ADV Part I and Part II.
  • Developing compliance policies and procedures.
  • Drafting and reviewing account opening statements, investment advisory agreements, brochures, commission sharing agreements, and agency cross agreements.
  • Drafting and reviewing employment contracts and covenants not to compete for national and regional firms and their representatives.
  • Handling compliance issues for firms and individuals before state and federal courts, the SEC, state securities commissions and self-regulatory agencies.
  • Providing day to day advice on the changing regulatory focus.

Regulatory Audits

With the recent change in the law that shifted more IA’s from federal to state registration, the anticipation is that more firms will be subject to regular audits. With significant understanding of the process, we have developed our own list of items and records subject to audit and can perform mock audits at your location to insure that you’re ready.

For over 40 years, Carlile Patchen & Murphy has helped clients through the rigorous process of regulatory compliance. With a detailed understanding of sophisticated trading products and strategies, we produce positive results for our broker dealer and investment adviser clients.

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