EBSA Press Release: Labor Department Announces Procedure for State-Registered Investment Advisers to Obtain ERISA Investment Manager Status [01/14/1998]

Archived News Release — Caution: Information may be out of date.

For more information call: (202) 219-8921

The U.S. Department of Labor today announced a new procedure state-registered investment advisers must follow in order to obtain investment manager status under federal pension law.

Under Public Law 105-72, signed into effect on Nov. 10, 1997, state-registered investment advisers seeking investment manager status under the Employee Retirement Income Security Act (ERISA), must file with the Labor Department a copy of their most recently filed state registration form and any subsequent filings. Generally, the new filing requirement applies to investment advisers who manage less than $25 million and who are required to register under state law. Advisers who are required to register in multiple states need only provide the department a copy of the registration form filed in the state where they maintain their principal office and place of business.

Investment advisers may initially file their registration forms with the department anytime prior to Nov. 10, 1998, to satisfy the new requirement for ERISA investment manager status. Any subsequent filings with the state should be filed with the department at the same time. Copies of these filings should be mailed to the department at the following address:

Investment Adviser Filings, Room N-5638
U.S. Department of Labor, PWBA
Office of Program Services
200 Constitution Avenue, NW
Washington, DC 20210

The requirement for filing with the department is temporary and will only remain in effect until a centralized database containing the registration forms (or substantially similar information) is available through the Securities and Exchange Commission (SEC) or other organization. At that time the department will provide notice that filing with the department is no longer necessary.

The Pension and Welfare Benefits Administration has prepared a brief on the new filing requirement. Copies may be obtained by calling the department's Publication Hotline at 1-800-998-7542. This brief, along with other publications concerning ERISA provisions that may be applicable to investment advisers, is also available on PWBA's website at http://www.dol.gov/ebsa/pubs/brief2.htm. A listing of investment advisers who have filed with the department, along with their initial and latest filing dates, will be available on the website after November 1998. This information may also be obtained from the Pension and Welfare Benefits Administration's Public Disclosure Office at (202) 219-8771.

Additional information on the division of the regulation of investment advisers between the SEC and the states is available from the SEC, while information about the state regulation of investment advisers is available from the states. The names and addresses of the appropriate regulatory official for each state can be obtained by calling the North American Securities Administrators Association at (202) 737-0900.

Archived News Release — Caution: Information may be out of date.