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The New York State Department of Law recently adopted regulations (“NY IAR Regs”) that, starting February 1, 2021, require Investment Adviser Representatives (“IAR”) representing a New York state registered investment adviser or solicitor, or representing an SEC registered investment adviser conducting advisory activities from a place of business in New York, to meet certain examination and registration requirements under New York’s Investment Advisory Act. The NY IAR Regs also require IARs to register through the Central Registration Depository/Investment Adviser Registration Depository (“CRD/IARD”) and, in many cases, pass an examination.
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On December 1, 2020, the New York State Department of Law finalized proposed amended regulations to the New York Investment Advisory Act, 13 N.Y.C.R.R. Section 11, requiring investment adviser representatives (“IAR”) who engage in business within or from New York to register with the New York Investor Protection Bureau and meet certain exam requirements. Previously, New York state-covered IARs were not required to register like IARs in most other states by filing a Form U4 through FINRA’s CRD/IARD system. That meant that New York IARs were legally able to conduct business without providing the typical publically available disclosures to investors through the FINRA-operated Investment Adviser Public Disclosure (“IAPD”) website.