Corporate & Securities Law

By Jim Hamilton

Michigan's Fourth Transition Order Acknowledges SEC Form D Built-In Consent to Service

The fourth transition order released by the Michigan Office of Financial and Insurance Regulation following adoption of the 2009 Michigan Uniform Securities Act no longer requires a separate Consent to Service of Process for Form D issuers; the designated Consent to Service of Process built into new Form D meets the service of process requirement when new Form D is filed in Michigan.

Another provision of the fourth transition order allows investment adviser representatives (IARs) to waive the examination requirement of the first and third transition orders, provided the Chief Compliance Officer, the Owner or Officer of the IARs' employing firm and the IARs, themselves, submit with their applications a Form FIS 0580, Investment Adviser Representative (IAR) Certification and Consent Form. The Form must attest that: (1) the IAR has been continuously employed by an investment adviser firm and has been performing IAR services without a two or more year break in service since he/she passed the Series 65 or the Series 66 Exam; and (2) the IAR applicant has submitted his/her Form U-4 in Michigan through FINRA Web CRD/IARD.

For the fourth transition order, please see http://www.michigan.gov/ofir

Full post as published by Jim Hamilton's World of Securities Regulation on March 15, 2010 (boomark / email).