To publish analyst reports in New York, a firm typically needs to register as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or the New York State Department of Financial Services (NYDFS). Here are the key steps and requirements[1][2]:
- SEC Registration:
- Firms managing assets over $100 million must register with the SEC.
- Submit Form ADV, which includes details about the firm’s business, ownership, clients, employees, business practices, affiliations, and any disciplinary events.
- State Registration:
- Firms managing less than $100 million may need to register with the NYDFS.
- Submit Form ADV Part 1 and Part 2, along with any state-specific requirements.
- Compliance with Regulations:
- Adhere to the Investment Advisers Act of 1940 and relevant state laws.
- Implement compliance programs, including maintaining accurate records, conducting annual reviews, and ensuring proper disclosure to clients.
- Professional Qualifications:
- Employ qualified analysts, such as those with the Chartered Financial Analyst (CFA) designation or other relevant certifications.
These steps ensure that the firm meets regulatory standards and can legally publish analyst reports in New York. If you need more detailed guidance, consulting with a legal expert in securities law is advisable.[1][2]
References
[1] License Requirements for Licensed Behavior Analysts – Office of the …