Regulatory Alerts2013-01-11
Policy No. S-02-2005, Consent to Service of Process
Louisiana Commissioner of Financial Institutions Ducrest issued Policy No. S-02-2005 to standardize the acceptable forms for granting consent to service of process. The policy determines that existing consent clauses in Form BD for broker-dealers and Form ADV Part I for investment advisers satisfy statutory mandates under LSA-R.S. 51:703, thereby eliminating the mandatory filing of Form U-2 with the state office. Broker-dealers and investment advisers may now utilize these established forms to designate the Commissioner as their legal agent without submitting additional paperwork.
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