The state of Minnesota released its investment advisor compliance bulletin outlining their findings after conducting a series of routine exams of investment advisor firms registered in the state of Minnesota. The Minnesota Department of Commerce has received feedback after presenting at industry conferences about their exam program where attendees requested more information about common deficiencies during the state’s exams. Generally, the common deficiencies found by the Minnesota Department of Commerce are:
- Form ADV Annual Renewal and Updates not timely filed, or filed at all;
- Bonding Requirements and the failure to post a bond;
- Custody Safeguards;
- Investment Advisor Registration.
To read more about these findings, here is the Bulletin. Even if your investment advisory firm is not registered in the state of Minnesota, these findings easily apply to any state registered investment advisory firm. Investment advisor compliance is important to maintain on a current basis. Call Registered Advisor Services today to learn more about annual compliance service!
