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New York attorney general elaborates on reporting rules for securities

Regulatory team, Cadwalader Wickersham & Taft, New York, 8 June 2021


The New York State Office of the Attorney General has issued guidelines regarding state registration and 'filing' requirements for brokers, dealers and investment advisors.

The new guidelines "elaborate" on amendments that the office's Investor Protection Bureau made to its rules on the subject in December last year. These made changes to 13 NYCRR Part 10 (on brokers, dealers and salespersons) to require dealers to submit electronic notices through the North American Securities Administrators' Association's electronic depository. In other words, this is part of a move towards the use of standardised national systems.

The office offered the following resources.

  • A Broker-Dealer and Securities Registration Information Sheet, which compiles the reports (or 'filings') to be completed by broker-dealers who participate in distributions.
  • Notes on the duty of issuers selling Federal Regulation D Covered Securities as defined by SA Section 18(b)(4)(F) to send off Form D.
  • Updates to some "frequently-asked questions" for brokers, dealers and salespeople to do with penalties, secondary trading, registration fees, 'filing fees' and forms to be submitted to the North American Securities Administrators Association's electronic depository.
  • Amended guidelines regarding mandatory registration for Investment Advisor Representatives, which discuss registration and examination requirements for the employees and agents of investment advisors.
  • New guidelines for 13 NYCRR 11.18, which outlines the things that the Attorney General will consider to be "in the public interest and for good cause" in accordance with the rule.
  • New guidelines for examination requirements and waivers for investment advisor representatives.
  • Updates to investment advisors' FAQs, which clarify the meaning of New York State's laws that apply to IAs, not least to those who do business in New York and are registered with the federal Securities and Exchange Commission.

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