The DBO enforces the Corporate Securities Law of 1968 and its implementing regulations. The DBO’s Broker Dealer and Investment Adviser (BDIA) Division oversees the investment advisory program which consists of a registration and examination component. Both components are critical to the integrity of the investment advisory industry and the protection of investors.
Starting in October, the DBO will launch an annual online Investment Adviser examination for certain registered Investment Advisers. The mandatory examination consists of an online questionnaire that California-registered investment advisers are required to complete and submit to the BDIA.
Although the Division has the authority to conduct on-site examinations of investment advisers with or without notice, the Division has determined that, in certain cases, an online examination will be conducted.
California-registered investment adviser firms that have a principal place of business in another state are required to complete the online examination.
Starting in October, the Division will send examination questionnaires to firm’s designated email addresses. Designated email addresses must be dedicated to DBO communications and monitored by a firm’s executive staff to ensure prompt attention to communications from the DBO.
Firms must complete and submit the online examinations to the DBO. After reviewing examination responses, the DBO may have additional questions or requests for information, or may determine that an on-site examination is warranted.
For questions or inquiries, please contact the BDIA at IAAEQ@dbo.ca.gov.