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.
OFFICE OF FINANCIAL INSTITUTIONS BATON ROUGE, LOUISIANA I. PURPOSE: To establish the acceptable form to be used in granting the Commissioner consent to service of process upon broker-dealers and investment advisers. III. GENERAL: In accordance with LSA-R.S. 51:718, the Commissioner establishes that the consent to service of process included in Form BD for broker-dealers and Form ADV, Part I, for investment advisers meets the consent required by LSA-R.S. 51 :703(B)( 4) for broker-dealers and 703(D) for investment advisers. Therefore, the filing of Form U-2 with this Office is not required Ducrest ommissioner of Financial Institutions POST OFFICE Box 94095, BATON ROUGE, LOUISIANA 70804-9095 (225) 925-4660 DEPOSITORY & ADMINISTRATION - FAX # (225) 925-4548 LEGAL, NON-DEPOSITORY & SECURITIES - FAX # (225) 925-4524 web site: www.ofi.louisiana.gov emaH: ofila@ofi.louisiana.gov