Archive – Broker-Dealer, State Investment Advisers and SEC Investment Advisers

2019

  • 11/18/2019 – DBO 2020 Fee Announcement

    Registration renewal fees for each registered Broker-Dealer Agent (“Agent”) and each registered Investment Adviser Representative (“IAR”) has increased from $25 to $35 for the 2020 renewal season. This new fee will be reflected in the preliminary renewal statement which becomes available on November 11, 2019 through E-Bill on FINRA-Annual Renewal page.

  • 11/18/2019NASAA 2020 Fee Announcement

    On October 30, 2019, The North American Securities Administrators Association (NASAA) announced the continued waiver of Investment Adviser Registration Depository (IARD) system fees for state-registered investment adviser firms. NASAA also announced a $5 increase in the IARD system fee for state registered investment adviser representatives and the Electronic Filing Depository (EFD) system use fee for Form D, Rule 506 and Form NF-UIT filings, effective January 1, 2020.

  • 10/09/19 – 2020 Renewal Reminder
    2020 Renewal Program Calendar for Broker Dealers and Investment Advisers
    • Monday 11/11/19 – PRELIMINARY Renewal Statements are available through E-Bill on FINRA – Annual Renewal page.
    • Monday 12/01/19 – DBO Reminder Email will be sent to all Licensees to renew their license for the calendar year 2020. Licensees should ensure they have an active designated email address on file. Please refer to the “News” section on the Broker-Dealer Investment Adviser page for more information about the designated email requirements.
    • Monday 12/16/19 – RENEWAL PAYMENT DUE DATE. This is the DEADLINE for receipt of Preliminary Renewal Statement payments. Review the Renewal Program Payment Options for detailed information. FINRA recommends using E-Bill to pay your Preliminary Statement. If you use other means, submit your payment with additional time to sufficiently allow for mail delivery and/or payment processing to post to your Renewal Account by the deadline. FINRA-registered firms that do not have payment posted by the deadline may be assessed a Renewal Late Fee.
    • Thursday 12/26/19Last Day to submit form filings prior to year-end. Web CRD and IARD are available form 5 AM until 6 PM Eastern Time (ET).
    • Friday 12/27/19 – Web CRD and IARD are unavailable due to FINRA statement and renewals processing.
    • Saturday 12/28/19 – 12/31/19 – Web CRD and IARD are available for QUERY-only and the creation of “Pending” filings.
  • 08/23/19 – Designated Email Address Requirement for Investment Advisers

    Effective January 1, 2019, California Financial Code section 331.5 (Authority: SB 1361, Bradford, Chapter 699, Statutes of 2018) requires licensees to establish and maintain an email address for receiving communications and documents from the DBO. Licensees are required by law to notify the DBO before changing the designated email address and provide the DBO with the new designated email address. To satisfy these requirements, Investment Advisers must report a valid designated email address on the ADV Forms, Part 1A (Item 1J) and Part 2A (Item 1). Changes to the designated email address must be reported directly through the FINRA/IARD system by updating the ADV Forms, Part 1A and Part 2A.

    The designated email address must be able to receive attachments.

    If licensees fail to comply with the designated email address requirements, the licensee may be subject to a fine of up to fifty dollars ($50) per day, not to exceed one thousand dollars ($1,000) in the aggregate.

  • 08/23/19 – Designated Email Address Requirement for Broker-Dealers

    Effective January 1, 2019, California Financial Code section 331.5 (Authority: SB 1361, Bradford, Chapter 699, Statutes of 2018) requires licensees to establish and maintain an email address for receiving communications and documents from the DBO. Licensees are required by law to notify the DBO before changing the designated email address and provide the DBO with the new designated email address. Broker-Dealers must create a DBO Self-Service Portal account on the DBO website in order to report a new designated email address. When updating designated email address, Broker-Dealers must first notify the DBO by sending an email to ASK.DBO@dbo.ca.gov and then update the designated email address through the DBO Self-Service Portal account.

    The designated email address:

    1. Must not be an email of any individual employee.
    2. Must be able to receive attachments.

    If licensees fail to comply with the designated email address requirements, the licensee may be subject to a fine of up to fifty dollars ($50) per day, not to exceed one thousand dollars ($1,000) in the aggregate.

  • 01/15/19 – Changes to FINRA Examination (PDF)

2018

2017

2016

  • 9/23/16 – Effective September 1, 2016, sole proprietors, who are deemed to be investment adviser representatives, are required to file Form U-4 with the Central Registration Depository (“CRD”).  Please note that if you are filing a Form U-4 for a sole proprietor, the $25 registration fee and $25 annual renewal fees are waived.
  • 2/1/16 – DFPI Outcomes Report

2015

  • 12/31/15 – Effective January 1, 2016, individuals engaging in business as finders may apply for an exemption from broker-dealer requirements by filing the Statement of Information form with the Department of Financial Protection and Innovation and paying a filing fee of $300.00. Specifically, Assembly Bill 667 created a new exemption from the broker-dealer requirements under the Corporate Securities Law of 1968 for finders, or individuals who, for compensation, introduce potential investors and issuers of securities to each other. The exemption is only available to individuals who meet the statutory definition of a finder and comply with certain conditions. If you have any questions concerning the exemption requirements or how to file for the exemption, please contact the Broker-Dealer and Investment Adviser Division main phone line at (916) 576-3638.

2012

  • 12/07/12 – The Commissioner of Corporations proposes to adopt and amend various sections of Title 10 of the California Code of Regulations.  This regulatory action proposes to, among other things, amends license and renewal license application forms under the Corporate Securities Law of 1968 (broker-dealers, agents, investment advisers). The period within which to comment on this proposed regulatory action ends on January 28, 2013.
  • 07/17/12 – On July 16, 2012, The Corporations Commissioner (“Commissioner”) filed the final amendment to Section 260.204.9 of Title 10, of the California Code of Regulations (Certificate Exemption for Investment Advisers to Private Funds) with the Office of Administrative Law (OAL). The amendment would create a new exemptive framework for advisers to private pooled investment vehicles.By way of background, on July 21, 2011, the Commissioner promulgated emergency regulations to preserve a state exemption from state registration for investment advisers.  (Cal. Code Regs. tit. 10, § 260.204.9).  The emergency regulations were re-adopted on January 18, 2012 and April 17, 2012.  The notice of proposed rulemaking for the permanent regulations was published in the Notice Register on January 6, 2012.The emergency regulation remains in effect during OAL’s review (Gov. Code § 11346.1(e)).  The Commissioner will provide an update on its Internet website upon final promulgation of the amended rule.Further background on the process surrounding the adoption and extension of emergency regulations is available at:
    http://www.oal.ca.gov/regulations/emergency_regulations/
  • 03/27/12 – The Commissioner of Corporations is providing notice that on April 4, 2012, the Department will file an emergency regulation extending the effectiveness of Rule 260.204.9 of Title 10 of the California Code of Regulations.  Rule 260.204.9 currently exempts from registration investment advisers who are deemed “private advisers.”  This emergency regulatory action will become effective on April 17, 2012, the same day as the expiration of the current emergency regulation, and will expire on July 16, 2012.  (PRO 02/11 – E)
  • 02/07/12 – The Commissioner of Corporations published a Notice of Proposed Action in the January 6, 2012 edition of the California Regulatory Notice Register (Register 2012, No. 1-Z, page 3) concerning a Private Fund Adviser Exemption.  The original comment period deadline was February 20, 2012.The Department is extending the written comment deadline to March 25, 2012.  (PRO 02/11)
  • 01/12/12 – The Commissioner of Corporations (“Commissioner”) has readopted emergency regulations extending the effectiveness of Rule 260.204.9 (10 C.C.R. §260.204.9) for a period of 90 days.  Rule 260.204.9 currently exempts from registration investment advisers who are deemed “private advisers.”  This emergency regulatory action is effective as of January 18, 2012 and will expire on April 17, 2012.   The previous emergency rule expires on January 17, 2012. (PRO 02/11 Emergency Filing)
  • 12/27/11 – On January 5, 2012, the Commissioner of Corporations will file with the Office of Administrative Law (OAL) the readoption of emergency regulations to extend the effectiveness of Rule 260.204.9 (10 C.C.R. §260.204.9) for a period of no longer than 90 days.    The changes to the rule will extend the current exemption from registration for investment advisers who are deemed “private advisers” for an additional 90 days.  The anticipated operative date of the emergency regulation is January 18, 2012.
  • 12/21/11 – The Commissioner of Corporations proposes to amend Rule 260.204.9 to provide an exemption from registration for investment advisers to certain private funds.  The Rule as currently in effect, was adopted as an emergency regulation on July 21, 2011. The Rule currently exempts persons deemed to be “private advisers.”In this rulemaking action the Commissioner proposes to adopt a permanent exemption for certain advisers to “private funds.”  The proposed exemption would be consistent with the regulation of private funds under Dodd-Frank, and with the NASAA Proposed Model Rule for Exempt Reporting Advisers (published on 6/13/2011).The period within which to comment on this proposed regulatory action ends on February 20, 2012.  (PRO 02/11)

Last updated: Sep 24, 2020 @ 8:36 am