What to Expect During a State RIA Examination
A complete walkthrough of the state examination process from initial notification through resolution.
The Examination Timeline
Understanding each phase helps you prepare effectively.
Notification
2–4 weeks beforeYou will receive a written notification letter from your state securities regulator informing you of the upcoming examination. The letter typically includes the examination scope, date range, and an initial document request list.
Document Preparation
1–2 weeks beforePrepare and organize all documents requested in the notification letter. Examiners expect organized, complete documentation. Missing or disorganized records are a significant red flag.
On-Site Examination
2–5 days typicallyExaminers will visit your office to review records, interview staff, and assess your compliance program. They will examine books and records, test transactions, and evaluate your written policies and procedures.
Exit Conference
Final dayAt the conclusion of the on-site visit, examiners typically conduct an informal exit conference to discuss preliminary findings. This is not a formal determination but gives you an early indication of any issues.
Deficiency Letter & Response
30–90 days afterIf deficiencies are found, you will receive a formal deficiency letter outlining findings and required corrective actions. You typically have 30 days to respond with a corrective action plan.
What Examiners Look For
State examiners typically focus on these key compliance areas.
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Compliance Approved keeps your documentation organized and your compliance program up to date.