Tirador Resources
State Regulatory Examination Document Requests: This started as a document I wrote for my clients, based on my experience as an examiner with the Colorado Division of Securities. "Of all the gin joints in all the towns in all the world, she walks into mine." In "Casablanca," Rick wasn't ready to see Ilsa, but you can be ready for a regulator to walk into your establishment.
Contact Tirador to see a document request letter from a Colorado Division of Securities examination.
RIA Conflicts of Interest: This Tirador white paper discusses conflicts of interest in the context of an investment advisory business, with guidance for identifying, disclosing, and mitigating these conflicts.
External Links
Colorado Division of Securities: Regulators for small and mid-market RIAs (<$100 million AUM), and broker-dealers doing business in the state of Colorado, and securities licensing jursidiction of all IARs and Registered Representatives conducting business in Colorado.
Colorado Vulnerable Adults/Financial Exploitation Act: Beginning July 1, 2017, the Colorado Protection of Vulnerable Adults from Financial Exploitation Act:
- Requires RIAs and IARs to report suspected financial exploitation of elderly or at-risk persons (“Vulnerable Adults”) to the Colorado Division of Securities;
- Authorizes RIAs and IARs to notify a previously-designated third party of suspected financial exploitation; and
- Authorizes RIAs and IARs to delay disbursement of a transaction that might result in financial exploitation.
The Act applies to all persons licensed by the Colorado Division of Securities, which includes IARs of both state and SEC-regulated firms.
Colorado Securities Laws and Rules: The Division of Securities' page with all the good stuff!
IARD Instructions for Uploading ADV Part 2
Regulation of Investment Advisers by the U.S. Securities and Exchange Commission: An excellent summary of SEC regulation, in topical order, with footnotes for statutes, regulations, and no-action letters. Originally written by Robert Plaze, who retired from the SEC in 2012 as Deputy Director of Division of Investment Management.
North American Securities Administrators Association (NASAA): This organization, comprised of state and provincial Securities regulators in the U.S., Canada, and Mexico, provides model rules and legislation and writes the 60-Series qualification examinations (e.g. Series 63, 65, etc.).
Federal Trade Commission CAN-SPAM Guidelines: Anyone who uses email to promote a product or service is subject to this law. Each separate email in violation of the CAN-SPAM Act is subject to penalties of up to $16,000, so non-compliance can be costly. Regulators may review compliance with CAN-SPAM when examining advertising.
EthicalSystems.org: I have seen competent, likeable professionals end their careers through preventable and unintentional ethical lapses. "Ethical Systems makes the world's best research available and accessible, for free, to anyone interested in improving the ethical culture and behavior of an organization." Not fluffy, pie-in-the-sky stuff, but research-based material on what actually works in the business world.
