New York Codes, Rules and Regulations
Title 13 - DEPARTMENT OF LAW
Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL
Subchapter A - SECURITIES-GENERAL
Part 11 - INVESTMENT ADVISORY SERVICES
Section 11.14 - Financial statements
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Financial statements of an investment adviser shall be prepared in accordance with generally accepted accounting principles including reserves or liabilities for unfulfilled subscriptions. Where financial statements are unaudited by an independent public accountant, a certification by management is required attesting to the accuracy of such statements. Nothing in this regulation shall abrogate the requirement, set forth in form ADV: part 2A, item 18 A.1., that investment advisers charging certain fees six months or more in advance must submit audited financial statements.
(b) Each investment adviser filing an initial registration through the IARD shall submit a balance sheet and an income statement as of the close of its last fiscal or calendar year as prepared by the adviser's accountant or by management. Where the financial statements submitted are more than 90 days old, an interim balance sheet no more than 90 days old shall also be submitted directly to the Department of Law.
(c) Annually, each registered investment adviser shall submit a balance sheet and an income statement as of the close of its last fiscal or calendar year within 90 days after completion of its fiscal or calendar year end directly to the Department of Law.
