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The SEC is very well practiced at the art of the shakedown. They have access to your firm's financials so they know exactly how much they can fine you.
I know it isn't the purpose of the channel, but recording in something better than 360p would be nice. The content is good, but you are a bit blurry :)
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Potentially. There are other factors that come into play. Whether a state approves your registration as an IAR depends on the registration status of the RIA, whether you have any disqualifying disclosures, whether you are physically located in the state or not, and the activities you plan on undertaking.
@@myrialawyer I won’t be physically located in the US But at the same time I only want to do business in US , I don’t want to live there Also I want to primarily provide investment advice So will this be possible or is there no chance ?
Another reason related to Item #9. If you are attempting to use a broker-dealer to help sell your fund, it goes through a due diligence process and that process will reject you if your PPM isn't professionally done. -- Keep up the good work!
I work from the BD side and I agree you should get your own counsel if you think your interests will not align with the firm; however, every firm I've worked for includes the representatives in the process so there are no surprises. Of course, there are times when the representatives disagree with the decision, but they know it is coming along with knowing they can put comments on the U4 filing.
Expungement only applies if there already has been a record of the complaint, correct? The case is not complete until the arbitration hearing finishes or there is a settlement. If the case is dismissed, there is nothing to expunge. If the case is decided against the advisor, expungement is not warranted.
If an arbitration has been initiated, there is an obligation to disclose on the adviser's U4. If the arbitration is subsequently is dismissed or settled, the disclosure will be updated to reflect such, but it does not come off of the adviser's Form U4. The adviser would need to initiate an expungement process to remove the disclosure from his or her Form U4.
@@myrialawyer ok, but an expungement is typically only called for if a clear error or false characterization has been made. If a customer claims damages, and the panel hears the case and decides in favor of the advisor, that's a legitimate claim that was denied, but the filing and hearing actually took place. Why is that eligible for expungement? An advisor had a complaint with no action is not the same as an advisor with zero complaints at all.
You can always use client initials or even Anonymous. The disclosures are more about giving context to what kind of person is leaving the review, rather than the actual identity of the reviewer. To the extent you can't identify the person to leave the right kind of disclosure, than I would say just that.
Does every investment adviser necessarily have a place of business? Suppose the adviser firm is a totally remote company with managers' homes scattered across different different states and with no office space other than home office space of each manager. Then (1) where should records reside? Can they be in the cloud or must they be stored at one of the managers' homes? and (2) if the adviser only advises a few private funds which total under $25 million, what state rules would apply? If one manager is in FL, could the adviser use the FL fund exemption to not register with FL (or any other state) so long as it did not advertise publicly as being based in FL?
Is there any plans to putting the rest of the weeks on the site? I see that there are a few of the series missing. Good job on this, it is a helpful review.
