2012 all rights reserved form adv part 2b advisory

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Contemporary Project Management
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Chapter 4 / Exercise 2
Contemporary Project Management
Kloppenborg
Expert Verified
© 2012 All Rights Reserved
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Contemporary Project Management
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Chapter 4 / Exercise 2
Contemporary Project Management
Kloppenborg
Expert Verified
Form ADV, Part 2B Advisory personnel information Background and experience Disciplinary information Outside business activities Additional compensation Supervision procedures and Disciplinary events and bankruptcy petition information © 2012 All Rights Reserved
Form ADV (cont’d) © 2012 All Rights Reserved Part 1: Filed with IARD; Notification with 45 days of status Part 2: Investment Advisers Act of 1940 requires delivery of Part 2 to all clients or potential clients , and then again annually Since 2011 the ADV Form is available on the SEC website
State Registration: RIAs and IARs Generally, states require Firms – RIAs – submit Form ADV Representatives – IARs – must pass NASAA Series 65: Uniform Investment Adviser Law Exam or meet other requirements – See Table 2.4 Payment of a fee Posting of bond, especially if a custodian File a U-4, Uniform Application for Securities Industry Registration or Transfer for all IARs serving the adviser’s clients and update as required ents/appsupportdocs/p015111.pdf © 2012 All Rights Reserved
State Registration: Registered Reps (Brokers) Generally, to register requires B-D to register with the state and/or FINRA Registered reps must pass applicable FINRA exams See Table 2.2 Registered reps must pass NASAA Series 63: Uniform Securities Agent State Law Examination required for state registration File a U-4, Uniform Application for Securities Industry Registration or Transfer with FINRA or state and update as required /appsupportdocs/p015111.pdf © 2012 All Rights Reserved
RIA and Registered Rep? RIA: Charge a fee for advice Registered Reps: Execute transactions for a commission In some cases, an advisor can be registered with the SEC or state and licensed with FINRA Dually-registered Hybrid firm © 2012 All Rights Reserved
State Insurance Regulators © 2012 All Rights Reserved 1871, National Association of Insurance Commissioners (NAIC) Regulatory oversight of insurance companies NAIC and state regulators oversee licensing of those selling insurance See Table 2.5 8 licenses require examination 6 licenses require registration only
Common Insurance Licenses Licenses That Require an Examination Licenses That Do Not Require an Examination Life Variable contracts* Accident and health Travel Property and allied lines Auto club Casualty and allied lines Viatical settlements Personal lines Reinsurance intermediary Crop Excess lines Title Bail bond *Financial planners who sell variable contracts must be licensed through FINRA and have a life agent license. © 2012 All Rights Reserved
To Obtain an Insurance License Be at least 18 years of age Submit a NAIC Uniform Application to their state insurance regulator Submit an application fee Notify the state regulator if an insurance license is held in another state Provide evidence of FINRA registration or sit for Series 6 or

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