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Erisa Rules For Investment Advisers In Miami-Dade
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State:
Multi-State
County:
Miami-Dade
Control #:
US-001HB
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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.
The Securities and Exchange Commission (SEC) oversees securities exchanges, securities brokers and dealers, investment advisors, and mutual funds in an effort to promote fair dealing, the disclosure of important market information, and to prevent fraud.
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.
Investment advisers may be primarily regulated by the U.S. Securities and Exchange Commission (SEC) or by one or more state securities authorities. Each state has one securities regulatory authority, but some investment advisers may be regulated by more than one state.
No investment adviser shall engage in business from offices in this state, or render investment advice to persons of this state, unless the investment adviser is registered with the Office of Financial Regulation (OFR) pursuant to Section 517.12(4), Florida Statutes (F.S.).
Basic ERISA compliance requires employers provide notice to participants about plan information, their rights under the plan, and how the plan is funded. This includes ensuring plans comply with ERISA's minimum standards, recordkeeping, annual filing and reporting, and fiduciary compliance.
Individual registered representatives, or registered financial professionals, must register with FINRA, pass a qualifying exam and be licensed by your state securities regulator before they can do business with you.
The primary responsibility of fiduciaries is to run the plan solely in the interest of participants and beneficiaries and for the exclusive purpose of providing benefits and paying plan expenses. Fiduciaries must act prudently and must diversify the plan's investments in order to minimize the risk of large losses.
Reporting and Disclosure Requirements: Service providers must disclose compensation or other information related to their service arrangements upon the request of the responsible plan fiduciary or plan administrator, reasonably in advance of the date upon which such person states that they must comply with ERISA's ...
§ 2520.104b-1 Disclosure. (a) General disclosure requirements. The administrator of an employee benefit plan covered by Title I of the Act must disclose certain material, including reports, statements, notices, and other documents, to participants, beneficiaries and other specified individuals.