CRD Number
What Is a CRD Number? Both firms and individual investment adviser representatives receive their own CRD numbers when they first register through the system, and the number stays with them permanently — it doesn’t change even if the firm changes its name or an individual moves between firms. The CRD number is used across related […]
Investment Adviser Public Disclosure (IAPD)
What Is Investment Adviser Public Disclosure (IAPD)? The IAPD pulls its data directly from the IARD system, meaning whatever a firm files on Form ADV — including any amendments — becomes publicly viewable, typically within a short window after filing. Prospective clients, journalists, and competitors alike can use IAPD to look up a firm’s registration […]
North American Securities Administrators Association (NASAA)
What Is NASAA? Because each state sets its own securities laws, NASAA’s role is to bring some consistency to that patchwork. It develops model rules covering areas like recordkeeping, minimum financial requirements, examination priorities, and IAR continuing education, which individual states can adopt in whole, in part, or with their own modifications. This gives firms […]
State Securities Regulator (Division of Securities)
What Is a State Securities Regulator? Each state has its own securities regulator, and while many follow model rules developed through NASAA, specific registration requirements, examination practices, and fee schedules vary by state. State-registered advisers file and maintain their Form ADV through the same IARD system as SEC-registered firms, but their primary regulator — including […]
U.S. Securities and Exchange Commission (SEC)
What Is the U.S. Securities and Exchange Commission (SEC)? The SEC’s Division of Investment Management oversees adviser regulation broadly, while its Division of Examinations conducts the exams that check firms’ compliance with the Investment Advisers Act of 1940 and related rules, including the Marketing Rule, Custody Rule, and Books and Records Rule. Advisers who register […]