January 5, 1990
TO: INVESTMENT ADVISER MEMBERS NO. 1-90
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 1-90
RE: MISSISSIPPI ADOPTS INVESTMENT ADVISER RULES
__________________________________________________________
Effective January 15, 1990, new Mississippi investment
adviser rules will go into effect. The rules include provisions
concerning the definition of investment adviser, net capital
requirements, financial reporting requirements, books and records
requirements, supervisory requirements, a brochure rule
requirement, and others. A copy of the investment adviser rules
in Mississippi is attached for your information.
As a result of the Institute's and others' comment letters,
a number of changes were made to the proposed investment adviser
rules. Specifically, investment advisers without custody of
client funds or securities will not be required to post surety
bond. Additionally, investment advisers will have until 90 days
after fiscal year end to file financial statements. With regard
to the brochure rule, the Mississippi Securities Division adopted
a rule that requires that an adviser keep in the client's file a
signed acknowledgment by the client that he or she received a
copy of the adviser's brochure.
Robert L. Bunnen, Jr.
Assistant General Counsel
Attachment