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2019 Louisiana Investment Adviser Update

Fingerprints Effective January 1, 2019, Louisiana Senate Bill 416 requires all investment adviser representative (“IAR”) applicants to submit fingerprints for a criminal background check to the Louisiana Commissioner of Securities.  La. R.S. 51:703(D)(5).  Investment adviser representatives registered before January 1, 2019 (unless they change advisers) and IAR’s already registered with FINRA do not need to … Continue Reading

Some Thoughts on Registration of CPA’s as Solicitors

For many investment advisers, CPAs are a big source of referrals. Often these CPAs are compensated for the referrals. Most states now require registration of solicitors, including CPAs, as investment adviser representatives (“IAR”). This article provides some background on these requirements. 1.  A Little Refresher What is a solicitor? A solicitor is a person who, … Continue Reading

Louisiana Supreme Court’s reversal of Gloria’s Ranch clarifies calculation of damages for unpaid mineral royalties, provides relief for holders of security interests in mineral rights

The Louisiana Supreme Court’s reversal of Gloria’s Ranch, L.L.C. v. Tauren Exploration, Inc., hands a victory to financiers of oil and gas operations and settles a long-running controversy over the amount of damages available for failure to pay mineral royalties. The Gloria’s Ranch trial court held two mineral lessees and a mortgagee (Wells Fargo) solidarily liable … Continue Reading

Fifth Circuit Throws Out DOL Fiduciary Rule

The United States Fifth Circuit Court of Appeal vacated the entire DOL Fiduciary rule in a split decision on March 15, 2018, U.S. Chamber of Commerce v. DOL, No. 17-10238 (5th Cir. 3/15/2018).  Two other circuits have upheld the DOL rule (the Tenth and the District of Columbia Circuits).  This ruling will not become immediately … Continue Reading

Extension of DOL Fiduciary Rule is Official and some Guidelines for Documenting Rollovers

The Department of Labor officially announced the 18-month extension of the effective date of the key, and most onerous provisions, of the DOL Fiduciary Rule (until July 1, 2019).[1]  The announcement was made on November 29, 2017.  This extension delays the implementation of the most problematic procedures of the DOL Fiduciary Rule, which had been … Continue Reading

SEC Publishes New Guidance on Investment Adviser Advertising

The SEC published new guidance on RIA advertising yesterday in a National Exam Program Risk Alert dated September 14, 2017 (https://www.sec.gov/ocie/Article/risk-alert-advertising.pdf).  The Risk Alert is entitled “The Most Frequent Advertising Rule Compliance Issues Identified in OCIE Examinations of Investment Advisers.”  This is particularly important because the SEC is focusing on marketing materials in its latest … Continue Reading

SEC Cybersecurity Alert

The SEC published a National Exam Program Risk Alert describing the results of cybersecurity exams of 75 broker-dealers and investment advisors on August 7, 2017. “National Exam Program Risk Alert, Observations from Cybersecurity Examinations,” (SEC August 7, 2017) This report is useful in evaluating your investment advisory firm’s cybersecurity policies.  Two issues received particular attention … Continue Reading
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