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).
Bureau Position on Custody Requirements for Investment Advisers (PDF)
Bureau Postion on the Use of Client Usernames and/or Passwords (PDF)
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.
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
The department’s Bureau of Securities Licensing, 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), which can help licensees better understand regulatory and compliance issues.
Cybersecurity UpdateThe 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
IA Registration Packet