Submitted by lushenejj on
On August 16, 2021, the Securities and Exchange Commission will raise the qualified client threshold as defined in 17 CFR 275.205-3(d)(1)(i). The net worth threshold will increase to $2.2 million and the Assets Under Management test will increase to $1.1 million. These adjustments are being made pursuant to the five-year indexing adjustment required by Dodd-Frank.
This is a material change that must be updated in your investment advisory contracts and offering materials. Please respond to IAlicensing@dfi.wa.gov by August 30, 2021 indicating all documents have been updated, as necessary. You do not need to submit the revised documents to the Securities Division for review at this time.
You can find the SEC order here: https://www.sec.gov/rules/other/2021/ia-5756.pdf.
Please contact Kristen Standifer at (360) 902-8815 or IAlicensing@dfi.wa.gov with any questions.