Government Shutdown Is Making FAs’ Lives Difficult
January 14, 2019 by Alex Padalka
The U.S. government shutdown, now in partial effect for almost a month, is causing a serious disturbance in some parts of the financial advice industry, according to news reports.
For one, the SEC has not been processing new or pending investment advisor registrations, InvestmentNews writes, citing the regulator’s shutdown operations plan.
The SEC typically has 45 days from the filing of a Form ADV to approve an investment advisor’s application or begin a deeper review, the publication writes. Since Dec. 22, when the shutdown began as a result of President Donald Trump’s demand that Congress fund his Mexican border wall and the Democrats’ refusal to do so, the SEC hasn’t been approving or even considering new applications, according to InvestmentNews.
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