State Activity

October 1996
Journal of Financial Planning;Oct96, Vol. 9 Issue 5, p94
Academic Journal
The article reports on rules and regulations related to financial planning introduced in various states of the United States. New rules to the Arizona Securities Act are open to comment with a hearing held on October 18, 1995. The proposed rules would require notification to clients of the available of Part I of ADV Disclosure Form; require record-keeping for certain online investment discussions. In California Senator Lucy killea defines the term investment adviser to include "financial planners" for purposes of registration. She exempts banks, trust companies and savings and loan associations, but does not allow "solely incidental" exemption for other professions such as attorneys and accountants if the person holds out as a "financial planner." A Child Support Payments regulation was introduced in Iowa. Under the regulation securities administrator, insurance commissioner, and other state agencies with licensing authority may deny, suspend or revoke license or application of agent or applicant for failure to pay child support. This rule is effective from April 17, 1996.


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