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.
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>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 .

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