Maryland Securities Division Preparedness in Question

Approximately five weeks before March 30thdeadline for mid-size Investment Advisory firms to deregister with the SEC and register with their principal states.  Both DC and VA encouraged their Investment adviser registrants to begin their process early; in order to avoid the rush, and address any issues that may arise.  Our initial plan was to bring you news from all three areas; DC, VA and MD.  However, several attempts to contact Maryland Securities Division were unsuccessful in landing an interview with either Deputy Commissioner, Dale Cantone or Melanie Senter Lubin, Securities Commissioner.

The article on Maryland was scheduled for publication the week after Virginia’s story was released.  We had anticipated reaching someone from the commissioner’s office within the first week of February.   However, it is nearing a month since our initial contact with Maryland; at this point, we believe that we will not be able to bring you an article on how Maryland is preparing for the influx of state registrants. 

Both DC and Virginia were willing and helpful during their interview process, and proved that they were prepared for the new Dodd-Frank IA rule, this also spoke well of their respective governments focus on their business environments.  Unfortunately, Maryland’s lack of response causes speculation about whether they have the time or resources to address all the inquiries that will be coming their way.  Investment advisers need to know what is in store for them in the states they hold principal registrations, that includes Maryland.

If an opportunity, to interview Maryland Securities Division presents itself in the future, we plan on bringing you the latest information.

If you are an IA firm that has reached out to Maryland Securities Division, tell us about your experience in the comment section below. 

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