Final rules announced to help ‘streamline and modernize’ security filings in New York



NEW YORK (WWTI) — Final rules have been announced to help streamline the process for security filings in New York State.

New York State Attorney General Letitia James announced on Tuesday that the final rules have been adopted to update registration and filing with the Investor Protection Bureau within the Office of the Attorney General. According to James, this adoption will streamline and enhance the oversight of the securities industry in the state by moving filings and payments to standardized federal and multi-state systems.

“These new rules reflect years of hard work by this office to bring securities registration into the 21st century,” said Attorney General James. “By moving to standardized electronic filings and payments, our systems will be more resilient to disruption in the future and will be better equipped to protect investors from frauds, especially critical as we have seen an exponential rise in these types of scams as a result of COVID-19.

Highlights of these rules include amendment of Part 10 of Chapter II, Title 13 of the Official Compilation of Codes, Rules, and Regulations of the State of New York. This will move required notice filings for federal “covered securities” being sold in New York to the electronic filing depository system for the North American Association of Securities Administrators.

Additionally, the new rules will include amending Part 11 of Chapter II, Title 13 of the NYCRR; requiring the registration of investment adviser representatives in New York.

All changes to the current rules are set to be implemented in 2021.

A full detailed listing of all changes can be found on the Investor Protection Bureau Rule Proposal Page.

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