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Compliance December 8, 2003
DoL Wants Electronic Registration for Advisers
December 8, 2003 (PLANSPONSOR.com) -
State-registered investment advisers seeking accreditation
under ERISA would have to register electronically through the
Investment Adviser Registration Depository (IARD), according
to a new proposed rule.
Reported by Fred Schneyer
>According to a news release from the US Department of Labor’s Employee Benefits Security Administration (EBSA), the proposed electronic IARD filing would replace the current requirement for state-registered investment advisers to file a paper copy of their state registration forms with the DoL. Under ERISA, plan trustees are relieved of certain liabilities relating to management of plan assets by a registered investment adviser, bank or insurance company based on meeting certain requirements.
>The IARD is a centralized electronic filing system for investment advisers that was created by the US Securities and Exchange Commission (SEC) and state securities regulators. The department believes that a majority of state-registered investment advisers who are investment managers of ERISA-covered plans already file registration forms electronically through the IARD.
Written comments on the proposal should be submitted to the Office of Regulations and Interpretations, Room N-5669, Employee Benefits Security Administration, US Department of Labor, 200 Constitution Ave., NW, Washington, D.C. 20210, Attention: ERISA Investment Manager Electronic Registration NPRM, or by Internet to E-ORI.EBSA@dol.gov .