The North American Securities Administrators Association (NASAA) issued its annual report on the state-registered investment adviser industry.
NASAA’s Investment Adviser Section Annual Report examines the investment adviser population in the United States, the profile of the average state-registered investment adviser, and the work NASAA’s Investment Adviser Section has undertaken during the report’s timeframe.
“The report shows continued growth in the number of state-registered investment advisers in communities large and small across the U.S. Many of these advisers are small- and mid-sized businesses, and our goal is to help them serve their clients while ensuring they understand and comply with state securities laws,” NASAA President Claire McHenry said.
The report highlights, among other things, the regulatory policy work, education and training, and coordination efforts of NASAA’s Investment Adviser Section Committee and Project Groups.
Further, it features initiatives overseen by the Cybersecurity and Technology Project Group to promote the development of NASAA cybersecurity model rules and support investment advisers’ cybersecurity efforts.
“These initiatives are part of our ongoing efforts to help state securities regulators better assist state-registered investment advisers in prioritizing security and effectively using technology to enhance investor protection,” Alisa Goldberg, director of the Florida Office of Financial Regulation and Chair of NASAA’s Investment Adviser Section, said.
The report also includes an updated profile of state-registered investment advisers and showcases outreach efforts by NASAA member agencies to state-registered investment advisers.
State securities regulators have regulatory oversight responsibility for 16,897 investment advisers with assets under management of $100 million or less. States also oversee the financial professionals who work directly with retail investors.