{"id":1113,"date":"2021-04-08T14:31:16","date_gmt":"2021-04-08T14:31:16","guid":{"rendered":"http:\/\/localhost\/?p=1113"},"modified":"2021-04-09T14:37:02","modified_gmt":"2021-04-09T14:37:02","slug":"sec-investment-advisers-texas-says-april-fools-to-federal-preemption","status":"publish","type":"post","link":"https:\/\/bdia.pli.edu\/index.php\/2021\/04\/08\/sec-investment-advisers-texas-says-april-fools-to-federal-preemption\/","title":{"rendered":"SEC Investment Advisers: Texas says \u201cApril Fools!\u201d to Federal Preemption?"},"content":{"rendered":"<p>On April 1, 2021, the Texas State Securities Board (TSSB) announced the entry of a Consent Order against an SEC registered investment adviser named Independent Financial Group, LLC (\u201cIndependent\u201d). The TSSB\u2019s action may represent a large shift in investment adviser regulation and enforcement considerations for SEC-registered investment advisers.\u00a0<em>(Emphasis on \u201cmay.\u201d)<\/em><span id=\"more-2382\"><\/span><\/p>\n<p>The Investment Advisers Act of 1940 is commonly understood to significantly limit states\u2019 application of their securities laws as to SEC registered investment advisers.<\/p>\n<p>What makes the TSSB action against Independent truly remarkable is that there is no allegation of fraud or deceit by Independent. Instead, the only violation cited is the failure to maintain a reasonably designed supervisory system. Hardly sounds like traditional fraud or deceit.<\/p>\n<p>How is the TSSB\u2019s action possible if federal law largely preempts states from enforcing their securities laws against SEC registered investment advisers? And what does this mean for SEC Registered Investment Advisers?<\/p>\n<p><a href=\"https:\/\/www.winsteadsecuritiesdefense.com\/2021\/04\/sec-investment-advisers-texas-says-april-fools-to-federal-preemption\/\">Read more here.<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On April 1, 2021, the Texas State Securities Board (TSSB) announced the entry of a Consent Order against an SEC registered investment adviser named Independent Financial Group, LLC (\u201cIndependent\u201d). The TSSB\u2019s action may represent a large shift in investment adviser regulation and enforcement considerations for SEC-registered investment advisers.\u00a0(Emphasis on \u201cmay.\u201d) The Investment Advisers Act of &hellip; <a href=\"https:\/\/bdia.pli.edu\/index.php\/2021\/04\/08\/sec-investment-advisers-texas-says-april-fools-to-federal-preemption\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">SEC Investment Advisers: Texas says \u201cApril Fools!\u201d to Federal Preemption?<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":93,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,24,21,22],"tags":[],"class_list":["post-1113","post","type-post","status-publish","format-standard","hentry","category-compliance","category-enforcement","category-regulatory","category-standard-of-care"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"description\" content=\"On April 1, 2021, the Texas State Securities Board (TSSB) announced the entry of a Consent Order against an SEC registered investment adviser named Independent Financial Group, LLC (\u201cIndependent\u201d). The TSSB\u2019s action may represent a large shift in investment adviser regulation and enforcement considerations for SEC-registered investment advisers. (Emphasis on \u201cmay.\u201d) The Investment Advisers Act of\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Ronak V. Patel\"\/>\n\t<link rel=\"canonical\" href=\"https:\/\/bdia.pli.edu\/index.php\/2021\/04\/08\/sec-investment-advisers-texas-says-april-fools-to-federal-preemption\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.8\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"Legal Perspectives on Current Regulatory Developments for BDs and IAs |\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"SEC Investment Advisers: Texas says \u201cApril Fools!\u201d to Federal Preemption? | Legal Perspectives on Current Regulatory Developments for BDs and IAs\" \/>\n\t\t<meta property=\"og:description\" content=\"On April 1, 2021, the Texas State Securities Board (TSSB) announced the entry of a Consent Order against an SEC registered investment adviser named Independent Financial Group, LLC (\u201cIndependent\u201d). The TSSB\u2019s action may represent a large shift in investment adviser regulation and enforcement considerations for SEC-registered investment advisers. (Emphasis on \u201cmay.\u201d) The Investment Advisers Act of\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/bdia.pli.edu\/index.php\/2021\/04\/08\/sec-investment-advisers-texas-says-april-fools-to-federal-preemption\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2021-04-08T14:31:16+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2021-04-09T14:37:02+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"SEC Investment Advisers: Texas says \u201cApril Fools!\u201d to Federal Preemption? | Legal Perspectives on Current Regulatory Developments for BDs and IAs\" \/>\n\t\t<meta name=\"twitter:description\" content=\"On April 1, 2021, the Texas State Securities Board (TSSB) announced the entry of a Consent Order against an SEC registered investment adviser named Independent Financial Group, LLC (\u201cIndependent\u201d). The TSSB\u2019s action may represent a large shift in investment adviser regulation and enforcement considerations for SEC-registered investment advisers. 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(Emphasis on \u201cmay.\u201d) The Investment Advisers Act of"},"aioseo_meta_data":{"post_id":"1113","title":null,"description":null,"keywords":null,"keyphrases":null,"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":null,"og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":null,"robots_max_videopreview":null,"robots_max_imagepreview":"large","priority":null,"frequency":null,"local_seo":null,"breadcrumb_settings":null,"limit_modified_date":false,"ai":null,"created":"2024-11-01 17:51:09","updated":"2025-10-11 03:37:21","seo_analyzer_scan_date":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/bdia.pli.edu\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/bdia.pli.edu\/index.php\/category\/compliance\/\" title=\"Compliance\">Compliance<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\tSEC Investment Advisers: Texas says \u201cApril Fools!\u201d to Federal Preemption?\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/bdia.pli.edu"},{"label":"Compliance","link":"https:\/\/bdia.pli.edu\/index.php\/category\/compliance\/"},{"label":"SEC Investment Advisers: Texas says \u201cApril Fools!\u201d to Federal Preemption?","link":"https:\/\/bdia.pli.edu\/index.php\/2021\/04\/08\/sec-investment-advisers-texas-says-april-fools-to-federal-preemption\/"}],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/1113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/93"}],"replies":[{"embeddable":true,"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=1113"}],"version-history":[{"count":0,"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/1113\/revisions"}],"wp:attachment":[{"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=1113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=1113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=1113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}