I. Registration Fees.
- Investment Adviser: $400.
- Investment Adviser Representative: $150.
II. Financial & Bonding Requirements. An IA is must be solvent to obtain and/or maintain licensure. For IAs with custody or discretion, audited/attested financials are generally required.
III. Sole Proprietorships. If an IA is a sole proprietorship, registration fees must be paid for both the IA and the IAR. In addition, a form U4 must be filed for the IAR.
IV. De Minimis. An IA is not required to register until it has more than 5 clients, regardless of whether the IA is present in the state.
V. Branch Offices. If an IA has branch offices within the state, the IA must register each branch office and pay a registration fee of $20.
VI. Other Required Documents.
- Financial Statements.
- Affidavit of prior activity.
- List of branch offices in the state.
- Designation of supervisor.
- Certification that applicant has read/understands state securities law.
- Certificate of Formation/Articles of Incorporation.
- Dual Registration form if the IA designated principal is also a salesperson.
For additional information, please contact the state securities administrator.