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USLF Multistate Elder and Retirement Law Handbook - Guide

Erisa Rules For Investment Advisers In Maryland

Category:

Family Law - Elder Law

State:

Multi-State

Control #:

US-001HB

Format:

Instant download

Description

This Handbook provides an overview of federal laws affecting the elderly and retirement issues. Information discussed includes age discrimination in employment, elder abuse & exploitation, power of attorney & guardianship, Social Security and other retirement and pension plans, Medicare, and much more in 22 pages of materials.

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Investment Advisor Representative (IAR) Registration Requirements: Licensing Requirements: Series 65, Series 66 and Series 7 combined, or CFP, CFA, CIC, ChFC, PFS. Each investment advisor representative must submit the form U-4 and ADV Part 2B.

Legislative topic (A), ethics topic (D), and Brokerage Relationships and Disclosure/MREC Agency-Commercial topic (H) are required Maryland courses for all licensees and may not be substituted. The ethics course must include MD Code of Ethics, flipping and predatory lending and professionalism.

To become an IAR, candidates must pass licensing exams. These tests cover many topics, including investment strategies, risk management, and ethical practices. Once licensed, IARs must register with the U.S. Securities and Exchange Commission (SEC) or state securities regulators.

Section 203A of the Investment Advisers Act of 1940 (the "Advisers Act") generally prohibits investment advisers from registering with SEC unless the adviser has more than $25 million in assets under management or is an adviser to a registered investment company.

An investment advisor representative must pass the Series 65 exam, a comprehensive exam administered by the Financial Industry Regulatory Authority (FINRA). Alternatively, an advisor may become an IAR by passing the Series 66 and the Series 7 exams.

The IAR CE regulation requires that IARs complete twelve credits of continuing education annually, with six credits focused on Products and Practice and six credits focused on Ethics and Professional Responsibility.

Generally, fiduciary advice providers must: give advice that is prudent and loyal. avoid misleading statements about conflicts of interest, fees, and investments. follow policies and procedures designed to ensure the advice given is in an investor's best interest.

The SEC regulates investment advisers who manage $110 million or more in client assets, while state securities regulators have jurisdiction over advisers who manage up to $100 million.

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These web pages describe the notice filing laws of each state (and the District of Columbia) with respect to investment advisers registered with the SEC. Investment Adviser Information.A private fund adviser must not be subject to disqualification from prior bad acts such as fraud or other securities law violations. In April 2024, the DOL issued the final version of its Retirement Security Rule which imposes an ERISA fiduciary standard. Note: The Form ADV Part 1 primarily discloses information about the FIRM. Individual information is primarily disclosed in the Form U4 as detailed below. File Form ADV with Maryland through the IARD system o Choose "Apply for registration as an investment adviser with one or more states" link. The Proposal explicitly rules out the possibility of utilizing disclaimers as an endrun around fiduciary status under ERISA.

Erisa Rules For Investment Advisers In Maryland

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