California Registered Investment Advisers – Are you Ready?

In July 2015, the State of California hired 18 new examiners for its Department of Business Oversight (DBO).  This is the department that examines California registered investment advisers.

As a result I have seen an increase in the number of examinations by the DBO. There seems to be a one to two week notification from the examiner prior to the visit.  The notification is made via telephone.  A list is sent in advance of the visit.  And the adviser is typically told that the the examiner will be in the office for 2-3 days.

If it is a routine exam, which are the type of exams I have seen recently, there is no cost to the exam.

So if you haven’t been examined by the State of California for some time, and you probably haven’t, get prepared.

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