October 15, 1990
TO: INVESTMENT ADVISERS COMMITTEE NO. 34-90
RE: PROPOSED IDAHO ADVISER LEGISLATION
__________________________________________________________
Attached is a copy of draft legislation concerning
investment advisers which the Idaho Securities Commission intends
to introduce this year. The proposal would amend the state's
definition of "investment adviser" to include financial planners
and those who hold themselves out as providing financial planning
services. However, the proposal does not affect the state's
blanket exclusion for accountants, banks and insurance companies.
The proposed legislation would also define the term
"investment adviser representative" and require their
registration under the Idaho Securities Act. Registration by
investment adviser representatives is not currently required in
Idaho.
Also attached is a copy of the Institute's letter to the
Idaho Securities Bureau which recommends repeal of the statutory
exclusion for accountants and employees of banks and insurance
companies who provide securities-related services to the public
from the definition of investment adviser. The Institute also
recommends the definition of investment adviser representative be
clarified with regard to persons who solicit clients for
advisers.
We will keep you informed of further developments.
W. Richard Mason
Assistant General Counsel
Attachments