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June 24th, 2006
Investment Adviser Representatives Must Pass Test
Act 543 of 2006 prohibits the registration of investment advisers in Louisiana unless each investment adviser representative of the adviser passes a written exam prescribed by the Louisiana Commissioner of Securities, unless the representative is employed by an investment adviser registered with the Securities and Exchange Commission (“SEC”). A companion Act, Act 541, defines the term “investment adviser representative” to include an employee of an investment adviser who performs investment advisory functions or solicits the sale of investment advisory services.
Most investment advisers are required to be registered with the SEC, so the Act will have no impact on them. But advisers with less than $25 million of assets under management and who choose not to register with the SEC will have to give the new law some attention.
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