The Kansas Republican Party has asked the Kansas Office of the Securities Commissioner to determine if Democrat Jay Sidie filed all the required paperwork for his investment business in the years before he decided to run for the 3rd District House seat from Kansas.
Sidie’s campaign says the investigation is unnecessary because the candidate was exempt from the filing requirements.
The dust-up involves a Kansas law that requires “investment advisers” to register with the state’s Securities Commission. Sidie described himself as a “financial counselor” when he announced his decision to run against incumbent Rep. Kevin Yoder, and Republicans think that means Sidie should have been registered with the state.
Sidie didn’t register. But an administrative rule issued in 2013 exempts some investment advisers from filing the documents — the adviser must do business in Kansas, advise fewer than 15 clients, and “not hold itself out generally to the public as an investment adviser.”
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Sidie’s campaign says he met all the exemption requirements and didn’t need to register.
Republicans say they aren’t sure. The party wrote to the commissioner to ask for a “thorough investigation” of the issue.
In a statement, the commissioner’s office said “any individual who provides investment advice for a fee must be registered with our agency, or qualify for an exemption from registration.
“This analysis is factually intensive, and is undertaken by our agency on a case-by-case basis.”
Republicans have also asked for study of Sidie’s company.