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IA Checklist

Missouri Investment Adviser Application Checklist

Missouri Securities Division Audit Unit Information

IA Switch Pre-Registration Exam Report

IA Switch Final Report

Presentation on IA Switch Issues

No Action Letter

No-Action Determination Concerning Private Fund Advisers

IA Switch Letter to IA Firms

December 2011 Letter to Switching Investment Advisers

Pension Administrators No-Action Letter

No-Action Determination on Pending Application at Switch Deadline


Advisory Releases

Advisory Release AR-11-06:

Crowdfunding and State Securities Regulators

The Commissioner of Securities is issuing this advisory release to alert readers about certain bills in the United States Congress which could impact both small business funding and securities regulation in this State. As explained below, Secretary of State Robin Carnahan and her securities regulatory staff are working to guarantee that these bills open the financing markets to Missouri’s small businesses while maintaining the States’ critical role in investor protection.

Recently, two bills were introduced in Congress designed to provide entrepreneurs greater access to crowdfunding. Crowdfunding is an online, typically grass-roots, money-raising strategy that allows the public to use websites to contribute small amounts of money to help artists, musicians, filmmakers and other creative people finance their projects. Importantly, crowdfunding financing has been applied to small businesses and start-ups, facilitating their attempts to get their ventures off the ground.

The two bills — that is, the Entrepreneur Access to Capital Act (H.R. 2930) and the Democratizing Access to Capital Act of 2011 (S.1791) — are designed to strengthen the economy by allowing small businesses to offer their securities over the Internet, allowing for expansion or hiring. These bills would affect not only Federal law but also state securities law. Specifically, both bills contemplate limiting state securities regulators’ ability to monitor offerings of securities within their states’ boundaries, thereby potentially hampering state enforcement efforts.

Knowing how important small businesses are to job growth and to our nation’s economy, Secretary of State Carnahan has joined with the a bipartisan group of eight secretaries of state in a letter to members of Congress supporting H.R. 2930 and S.1791. (Read the letter here .) But Secretary Carnahan and her colleagues caution that these bills should not weaken investor protection by preempting state securities regulators’ authority to police Internet offerings conducted in their states.

In order to preserve the States’ ability to protect their investing citizenry, the Commissioner of Securities is working with the North American Securities Administrators Association in developing a model rule which state securities regulators can adopt to responsibly encourage small business capital formation through a crowdfunding exemption. Secretary Carnahan and her staff will continue to work to ease Missouri small businesses’ access to financing while maintaining strong investor protection for Missouri’s citizens.

If you have any questions, you may call the Securities Division at (573) 751-4136.

December 1, 2011




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  • September 6, 2012
    The Commissioner of Securities has issued an Advisory Release alerting Missouri's investment advisers and others to a recent report on the Investment Adviser Registration "Switch." Read the release here, and the Report here.

  • July 3, 2012
    The Commissioner of Securities has issued an Advisory Release concerning pending investment adviser registration applications after the Dodd-Frank Act "Switch" deadline. Read the release here.

  • May 17, 2012
    The Commissioner of Securities has issued an Advisory Release concerning a no-action letter and the April 26 rulemaking concerning Missouri Private Fund Advisers. Read the release here.

  • April 26, 2012
    The Commissioner of Securities has issued an advisory release concerning a rulemaking related to an exemption from registration for certain advisers to private funds. Read the release here.

  • March 23, 2012
    The Commissioner of Securities has issued an advisory release on the fast-approaching deadlines and best registration practices for investment advisers switching to state registration. Read the release here.

  • December 30, 2011
    The Commissioner of Securities sent a letter to Missouri Investment Advisers who may switch to state regulation in 2012 under the Dodd-Frank Act. Read the letter here .

  • December 15, 2011
    Advisory Release AR-11-07
    The Commissioner of Securities issued an advisory release summarizing NASAA’s coordinated review program for investment advisers switching to state regulation in 4-14 states. Read the release here.

  • July 20, 2011
    Advisory Release AR-11-04
    The Commissioner of Securities for the State of Missouri issued an advisory release summarizing a No-Action Determination issued in response to a request by an adviser to a private fund. Read the release here.


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