NASAA’s 2023 state IA exam sweep identifies compliance deficiencies

State examiners identified shortcomings in registration, books and recordkeeping, supervision and compliance as well as contracts and fees.

The most recent round of coordinated examinations of state-registered investment advisers by state securities examiners has identified a number of firm policy and practice deficiencies, the North American Securities Administrators Association (NASAA) recently announced.

NASAA’s Investment Adviser Operations Project Group collects and reports on this data from the various US

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