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SEC Investment Advisers: Texas says "April Fools!" to Federal Preemption? | Winstead PC

To embed, copy and paste the code into your website or blog: On April 1, 2021, the Texas State Securities Board (TSSB) announced the entry of a Consent Order against an SEC registered investment adviser named Independent Financial Group, LLC (“Independent”). The TSSB’s action may represent a large shift in investment adviser regulation and enforcement considerations for SEC-registered investment advisers.  (Emphasis on “may.”) The Investment Advisers Act of 1940 is commonly understoo...
United States Financial Group Texas State Securities Board Consent Order Independent Financial Group Investment Advisers Act

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