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New Legislation Means Some Relief for Investment Advisers
Beginning of article
On October 11, 1996, President Clinton signed the Securities Reform Bill into law. Title IlI of this bill, the Investment Advisers Supervision Coordination Act "IASCA" or the "act," provides regulatory relief for investment advisers and increases uniformity in state regulation. The act makes long awaited amendments to the Investment Advisers Act of 1940 and will be of great est benefit to smaller investment advisers.
Basically, IASCA divides responsibility for regulation of investment advisers between the various state regulatory authorities and the Federal government. Under the act, an investment adviser with less than $25 million of assets under management is exempt from …
