June 24, 1992
TO: INVESTMENT ADVISERS COMMITTEE NO. 26-92
DISTRICT OF COLUMBIA INVESTMENT ADVISER ASSOCIATE MEMBERS
RE: PROPOSED INVESTMENT ADVISER LEGISLATION IN THE DISTRICT
OF COLUMBIA
__________________________________________________________
The Council of the District of Columbia has proposed
legislation to regulate investment advisers and investment
adviser representatives in D.C., define fraudulent acts and
establish procedures for registration and monitoring. A copy of
the bill is attached.
Specifically, the proposed legislation includes, among
other things: (1) a definitional section; (2) a section on
prohibited activities; (3) registration procedures; (4) a section
on investment adviser disqualifications; and (5) a civil
liabilities section. Most of the provisions in the bill appear
to be modeled after the NASAA Model Rules under the Uniform
Securities Act.
The Council Committee on Public Services was scheduled to
hold a hearing today on the bill. The Institute intends to
submit a written statement on the bill, which is due July 8,
1992. Please provide me with your comments on the bill by July
1, 1992. My direct number is 202/955-3523.
We will keep you informed of developments.
Amy B.R. Lancellotta
Associate General Counsel
Attachment