Pennsylvania Securities Commission Adds On-line Tool Research to Investment Advisers
PR Newswire -- July 27, 2010
HARRISBURG, Pa., July 27 /PRNewswire/ -- As investors grow more cautious about how and with whom they invest their money during the current Recession, the Pennsylvania Securities Commission (PSC) has made it easier for the public to research the backgrounds of advisers and firms before investing.
The PSC website (www.psc.state.pa.us) now includes a complete listing of all securities firms (both broker-dealers and investment advisers) registered to do business in Pennsylvania. To simplify an investor's research of advisers, the PSC also offers a direct link to the SEC's Investment Adviser Public Disclosure (IAPD) database for each adviser listed. The IAPD files provide extensive information about the registrations of investment advisers, which includes services offered, fees charged, education and business background of principals, conflicts of interest, discretionary authority, as well as reportable disciplinary history. It also offers a direct link in order to research a firm's representatives. The IAPD will provide investors with not only the capability to thoroughly research a firm, but to actually compare firms on-line.
As of June 30, 2010, 2,374 broker-dealers, 16,864 securities representatives, 2, 695 investment advisers, and 11,973 investment adviser representatives were registered to do business in Pennsylvania.
"The on-line tool will allow the public to research their current advisers or help them in choosing a new one," said PSC Chairman Robert Lam. "The IAPD enables an investor to see the actual forms and information that adviser firms have filed with regulators. This is a significant event since the research tool is not available in many other states. Pennsylvania is one of the first states to offer this service and it's part of our on-going effort to be of service to the average investors."
The PSC is responsible for reviewing all of the applications filed by prospective securities firms seeking permission to do business in Pennsylvania, including broker-dealers, securities representatives, investment advisers and investment adviser representatives.
"Technology allows us to provide better service to the residents of the Commonwealth and to assure the public accurate information about all securities related business," said Paul Schwartz, Director of Licensing for the PSC. "Because people are understandably worried about the safety of their investments in today's market, the PSC is pleased to be able to provide one more tool for investors to make an educated decision and to possibly avoid scams."
For more information, visit www.psc.state.pa.us or call 717-787-8061.
SOURCE Pennsylvania Securities Commission
Subject Codes: PC/t.100727161423973, PT/lang.en, IN/FIN, IN/ITE, IN/MLM, IN/WEB, SU/PDT, RE/Pennsylvania, PC/priority.r, PC/category.f, PC/class.1248, PC/WAVO_....k., PC/APT_....k, PC/trade_k, PC/wavo5_k, PC/class.1053, PC/DataFeat_paprn, PC/port_32, PC/Billing_PEN, PC/Billing_RWB, PC/Billing_TNW, PC/1stAcc_920706, PC/bureau_PH, PC/port_01, PC/port_96, PC/port_31, PC/port_19, PC/port_91, PC/contact, PC/website, PC/id_PH41743
PR Newswire -- July 27, 2010
HARRISBURG, Pa., July 27 /PRNewswire/ -- As investors grow more cautious about how and with whom they invest their money during the current Recession, the Pennsylvania Securities Commission (PSC) has made it easier for the public to research the backgrounds of advisers and firms before investing.
The PSC website (www.psc.state.pa.us) now includes a complete listing of all securities firms (both broker-dealers and investment advisers) registered to do business in Pennsylvania. To simplify an investor's research of advisers, the PSC also offers a direct link to the SEC's Investment Adviser Public Disclosure (IAPD) database for each adviser listed. The IAPD files provide extensive information about the registrations of investment advisers, which includes services offered, fees charged, education and business background of principals, conflicts of interest, discretionary authority, as well as reportable disciplinary history. It also offers a direct link in order to research a firm's representatives. The IAPD will provide investors with not only the capability to thoroughly research a firm, but to actually compare firms on-line.
As of June 30, 2010, 2,374 broker-dealers, 16,864 securities representatives, 2, 695 investment advisers, and 11,973 investment adviser representatives were registered to do business in Pennsylvania.
"The on-line tool will allow the public to research their current advisers or help them in choosing a new one," said PSC Chairman Robert Lam. "The IAPD enables an investor to see the actual forms and information that adviser firms have filed with regulators. This is a significant event since the research tool is not available in many other states. Pennsylvania is one of the first states to offer this service and it's part of our on-going effort to be of service to the average investors."
The PSC is responsible for reviewing all of the applications filed by prospective securities firms seeking permission to do business in Pennsylvania, including broker-dealers, securities representatives, investment advisers and investment adviser representatives.
"Technology allows us to provide better service to the residents of the Commonwealth and to assure the public accurate information about all securities related business," said Paul Schwartz, Director of Licensing for the PSC. "Because people are understandably worried about the safety of their investments in today's market, the PSC is pleased to be able to provide one more tool for investors to make an educated decision and to possibly avoid scams."
For more information, visit www.psc.state.pa.us or call 717-787-8061.
SOURCE Pennsylvania Securities Commission
Subject Codes: PC/t.100727161423973, PT/lang.en, IN/FIN, IN/ITE, IN/MLM, IN/WEB, SU/PDT, RE/Pennsylvania, PC/priority.r, PC/category.f, PC/class.1248, PC/WAVO_....k., PC/APT_....k, PC/trade_k, PC/wavo5_k, PC/class.1053, PC/DataFeat_paprn, PC/port_32, PC/Billing_PEN, PC/Billing_RWB, PC/Billing_TNW, PC/1stAcc_920706, PC/bureau_PH, PC/port_01, PC/port_96, PC/port_31, PC/port_19, PC/port_91, PC/contact, PC/website, PC/id_PH41743
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