March 17, 1989
TO: INVESTMENT ADVISER MEMBERS NO. 23-89
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 22-89
RE: GEORGIA REQUIRES REGISTRATION OF INVESTMENT ADVISERS
__________________________________________________________
We have just received the attached Commissioner's Release
No. 59-89-0006 from the Georgia Commissioner of Securities. It
provides the necessary guidance for investment advisers who wish
to file an application for registration in Georgia, which must be
done by Monday, April 3, 1989.
In order to comply with Georgia's new statutory
registration requirement for investment advisers, including
financial planners, an adviser must file a completed Form ADV
including all exhibits, a filing fee of $250 and proof of having
passed appropriate examinations. The draft rule regarding the
examination requirement is attached. An adviser applicant who
was conducting investment advisory business in Georgia as of
April 7, 1988 may file an affidavit requesting a waiver from the
examination requirement. (See attachment.)
Although the rules implementing Georgia's statute are still
in draft form and there may be additional changes, they are
attached for your information. The draft rules include
provisions for performance based fees under certain
circumstances, and exemptions for investment advisers registered
in Georgia as dealers in connection with certain advisory
services. In addition, investment advisers having custody of
client funds or securities are required to file an audited
balance sheet under these draft rules.
Another provision of the draft rules requires supervision
of an adviser's representatives and employees. It should be
noted however, that at this time, investment adviser
representatives are not required to register in Georgia.
We will keep you informed of further developments.
Susan S. Burgess
Legal Assistant
Attachments