I. Registration Fees.
- Investment Adviser: $250.
- Investment Adviser Representative: $45.
II. Financial Statements and Bond. An IA whose principal place of business is located in the District and who has custody of client funds or securities must provide an audited balance sheet to the Department reflecting the financial condition of the firm as of the end of the applicant’s most recent fiscal year, provided that such statement is no more than 90 days from the date of the end of the IA’s fiscal year. IAs whose principal place of business is located in the District and who have custody shall maintain a minimum net capital of $25,000. In addition, if an IA’s net capital does not exceed $35,000 pursuant to monthly calculations, it shall post a Surety Bond of $10,000 within 30 days after the computation reflects the deficiency.
III. Sole Proprietorships. IAs structured as sole proprietors file form ADV and the other required documents required for all investment advisers including the U4 for investment adviser representatives.
IV. De Minimis. An out-of-state IA is not required to register until it has more than 5 clients who are residents of the District that are not certain institutional clients.
V. Other Required Documents.
- Original signed affidavit of prior investment advisory/securities activity for the investment adviser and investment adviser representative(s).
- District of Columbia Clean Hands Form.
For additional information, please contact the state securities administrator.