From the Desk of Jim Eccleston at Eccleston Law:
State finance regulators see an uptick in actions against registered investment advisers (RIAs) since states took on the oversight of advisers with $100 million or less in assets. This increase has exposed flaws in the RIA compliance functions.
RIAs now account for 23.9% of regulatory actions by states, while broker-dealers account for 29.2%. In particular, individuals who are not licensed to sell securities account for the most actions by the states, which is 42.5%. The increase in state actions against investment advisers is also inevitable due to the fact that many broker-dealer reps have left their broker-dealer firms to open investment advisory firms.
The attorneys of Eccleston Law represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.
