New York investment adviser
compliance, tracked in real time.

Yes, if your firm maintains a place of business in New York or has more than five NY clients in a rolling 12-month period, Article 23-A of the NY General Business Law requires state registration with the NY AG's Investor Protection Bureau. SEC-registered advisers file a New York notice filing via the IARD system using Form ADV-W in addition to their federal filing, and fully state-registered firms register directly under Article 23-A.

Under Article 23-A and the NY AG's investor-protection rules, NY-registered investment advisers must deliver a current Form ADV Part 2A Brochure to every client and prospective client before advisory services begin, and deliver an updated Brochure annually within 120 days of fiscal year end. Delivery must be documented in the client's file — the NY AG routinely requests delivery records during examinations.

New York charges a $300 firm filing fee for state notice filings via IARD plus a $300 fee per investment adviser representative (IAR). Firms seeking initial state registration under Article 23-A pay a separate $300 application fee. SEC-registered advisers with NY clients file only the notice filing and the IAR fees via IARD — Article 23-A registration itself is reserved for state-registered firms below the federal AUM threshold.

NY state notice filings must be amended within 30 days of any material change to Part 1A or Part 2A, mirroring the federal interim amendment rule. Annual amendments are due within 90 days of fiscal year end and must be filed even when there are no changes, via Form ADV-W on the IARD. The NY AG's Investor Protection Bureau has cited firms for late interim amendments as evidence of broader recordkeeping breakdowns under Part 221.

11 NYCRR Part 221 imposes a six-year retention requirement on advertising files, client communications, and Form ADV amendments maintained at the adviser's principal office — exceeding the SEC's five-year baseline by a year on the advertising-record retention. Part 221 also requires contemporaneous creation of an advertising file for every published item, including social media posts, testimonials, and hypothetical-performance calculations, with index and retrieval provisions examined directly by the NY AG.

Yes. Under 11 NYCRR Part 221, NY-registered investment advisers must keep a complete advertising file that goes beyond the federal Marketing Rule's scope — including every published ad, social-media post, testimonial, endorsement, and piece of performance reporting. The NY AG's Investor Protection Bureau has actively cited firms whose advertising files were incomplete or inconsistent with the substantive Marketing Rule, leveraging Martin Act authority for civil penalties beyond the SEC's reach.

NY requires written client consent before any testimonial is published, prominent disclosure of any compensation paid to the client, and disclosure of any material conflicts created by the testimonial. Endorsements by third parties (influencers or firms) require a written agreement covering content review, ongoing monitoring of the endorser's compliance, and disclosure of the compensation paid to the endorser. All testimonial evidence must be retained under 11 NYCRR Part 221.

Hypothetical performance is permitted in New York subject to written policies and procedures, audience-match documentation, net-of-fee disclosure, and a complete Part 221 recordkeeping trail covering the underlying calculations and the intended audience. The NY AG has used Part 221's recordkeeping teeth to bring standalone enforcement actions against advisers whose hypothetical-performance files were incomplete or whose audience-match documentation could not be produced in examination.

Yes. Under the Martin Act and Article 23-A of the NY General Business Law, the NY Attorney General — through the Investor Protection Bureau — has authority to investigate and bring enforcement actions against investment advisers operating in New York for fraudulent practices, including advertising and Form ADV deficiencies. IPB examinations routinely subpoena advertising files, Form ADV history, and client communications; consent orders frequently include restitution and civil penalties.

Missing a NY Form ADV amendment deadline under Article 23-A or Part 221 recordkeeping requirements can trigger an Investor Protection Bureau investigation, civil penalties under the Martin Act, and the potential suspension or revocation of state registration. The NY AG has used amendment-timeline breaches as an entry point for fuller recordkeeping audits — RegAxis tracks every IPB enforcement action so NY RIAs tighten their filing calendar before a deficiency letter arrives.