December 2024, Issue 15
AdvisorAssist
Leader in driving advisor independence, AdvisorAssist provides comprehensive compliance and risk management solutions.
Another Major Regulation Halted: Now What?
On December 3rd, the Beneficial Ownership Information (BOI) requirements under the Corporate Transparency Act (CTA) which mandated that businesses (including state Registered Investment Advisors, holding companies and even certain affiliates) complete the BOI filing by January 1, 2025 was halted by the US District Court for the Eastern District of Texas. This decision preliminarily halted the enforcement of the BOI filing deadline nationwide. This block is only a “pause” on the enforcement of the rule, as the validity and appropriateness of the CTA rule is currently under review. This potentially results in either the rule being vacated, amended, or even re-instated.
AdvisorAssist will continue to monitor this, along with other halted regulations, for our clients, and we will communicate out any further information as it becomes available. For those who are interested in the case which led to this outcome, you can review the case docket here.
Time is Running Out: Finish Your Continuing Education!
If you are an Investment Advisor Representative required to complete IAR Continuing Education, under the NASAA Model Rule, your deadline is fast approaching! You must complete twelve (12) credits per year of courses provided by an approved NASAA course provider. Six (6) of these credits must focus on ethics and regulatory requirements, while the other six (6) must focus on financial products, investment features, and investment advisory industry practices.
Considering some states enacted this rule two years ago, IARs who have been negligent may find themselves with the inability to renew their registrations for the following calendar year. Additionally, if an individual withdraws registration from a state with CE requirements before completing their credits, their registrations in other jurisdictions may be impacted by outstanding credits.
To review further information on adopted states, approved vendors, and additional details you can review the AdvisorAssist IAR CE Blog.
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