Begin Main Content Area

Investment Advisers


The department registers more than 200,000 broker-dealers, broker-dealer agents, investment advisers (IA's), investment adviser representatives (IA Reps) and notice filers (IA Notice Filers) who conduct securities-related business in Pennsylvania.

Investment advisers are firms or individuals compensated for advising investors
on the purchase, sale or value of securities. Look for investment professionals 
and firms registered to do business in Pennsylvania through
BrokerCheck or Investment Adviser Public Disclosure (IAPD).


Pennsylvania State Registered Investment Advisers

The Pennsylvania Department of Banking and Securities will be accepting financial statements electronically. PA-based Investment Advisers deemed to have custody and/or discretion must file financials.  Financial statements are due 120 days after the end of your fiscal year
 
All firms that require financials must submit them electronically.  Please use email address listed below to submit financial statements directly or to request further instructions on how to send secure.

Form ADV must be updated annually within 90 days after the end of your fiscal year.

All investment adviser representatives that were displaced due to Covid-19 must be properly registered.

Please direct all questions, financial statements and requests to  RA-BNSECURITIESLIC1@pa.gov 


News

2/1/2021 
The PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES REMINDS
FIRMS TO CONTACT REGULATORS WITH ISSUES RELATED TO SOLARWINDS BREACH

The Pennsylvania Department of Banking and Securities (PADOBS) is reminding financial service registrants, state-registered investment advisers and intrastate broker-dealers, to report any known issues or concerns related to the recent SolarWinds cybersecurity incident to their primary securities regulator.

In December 2020, the federal government has reported that SolarWinds, a vendor that provides updating and monitoring software to numerous government agencies and private companies, was the victim of a breach that caused SolarWinds Orion Network Management Products to transmit malware to many of its clients, including federal, state, and local governments, as well as other private sector entities.

The U.S. Department of Homeland Security's Cybersecurity & Infrastructure Security Agency has issued an alert that describes the threat and provides guidance on how to address it. The alert is available here: https://www.cisa.gov/supply-chain-compromise.

The PADOBS is issuing this reminder to raise awareness among state registrants and to provide information and resources to help those affected to recover quickly and protect their clients and colleagues.

Any firm with known malicious versions of the SolarWinds Orion software should contact its primary regulator. State-registered investment advisers and intrastate broker-dealers in Pennsylvania should contact PADOBS at RA-BNSECURITIESLIC1@pa.gov .

Thank you,

Wendy Spicher
Deputy Secretary
Pennsylvania Department of Banking and Securities

6/17/2019
Bureau Position on Custody Requirements for Investment Advisers (PDF)

9/25/2018
Bureau Postion on the Use of Client Usernames and/or Passwords (PDF)

1/18/2018
Modernization and Updates to Securities Regulations

Secretary of Banking and Securities Robin L. Wiessmann announced the modernization and update of rules governing the securities industry in Pennsylvania. These rule changes took effect following their publication in the Pennsylvania Bulletin on January 13, 2018. Read press release here.

11/13/2017  

The Department continues to work collaboratively with federal regulators, other states financial regulators, and other Commonwealth agencies to address cybersecurity challenges.


Federal Government Principles on Responding to Cyber Incidents
A Presidential Policy Directive (PPD-41) released on July 26, 2016, sets forth principles governing the federal government’s response to any cyber incident, whether involving government or private sector entities. For significant cyber incidents, PPD-41 also establishes lead federal agencies and an architecture for coordinating the broader federal government response. Learn more: http://bit.ly/2aeAUtZ.
 

Exams

The department's Bureau of Securities Compliance and Examinations has issued an exam guidance to ensure that licensees have a basic understanding of what to expect from the department prior to and during an examination. The department has also issued an Investment Adviser Self-Inspection Checklist.pdf (Updated version coming soon), which can help licensees better understand regulatory and compliance issues.

 
Cybersecurity Update
The Federal Financial Institutions Examination Council (FFIEC) members have issued a revised Management booklet, which is part of the FFIEC Information Technology Examination Handbook (IT Handbook). The IT Handbook is available here

Amendments to the PA Securities Act of 1972
Following the October 1, 2012, merger of the PA Securities Commission into the PA Department of Banking to create the PA Department of Banking and Securities, Act 52 of 2014 was signed into law, designed to update the 1972 Act as a result of the merger and recent changes in both federal and state securities laws. Read more (PDF).

 
IA Registration Packet (PDF)


Contact Us

For licensing issues or questions call:

  • For Broker-Dealer Firms:  717.783.4211

  • For Broker-Dealer Agents:  717.783.4212

  • For Investment Adviser Firms and Representatives:  717.783.4211

  • For Investment Adviser Notice Filers:  717.783.4221

  • For issues regarding securities offerings, call 717.787.8059

  • To reach the Chief Counsel’s office, call 717.787.1471