I. Registration Fees.
- Investment Adviser: $100
- Investment Adviser Representative: $30
II. Financial & Bonding Requirements. If an IA has custody of client funds, the IA must have a minimum net worth of $35,000 and a surety bond if the Administrator so decides. If an IA has discretion over client funds, the IA must maintain a minimum net worth of $35,000. If an IA has no discretion or custody, the IA must maintain a minimum net worth of $10,000.
III. Sole Proprietorships. If an IA is a sole proprietorship, registration fees are not required for the IAR. A form U4, however, must be filed for the IAR.
IV. De Minimis. An out-of-state IA is not required to register until it has more than 5 clients.
V. Other Required Documents.
- Copy of firm’s surety/fidelity bond, if required.
For additional information, please contact the state securities administrator.