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I. Registration Fees.

  • Investment Adviser: $100.
  • Investment Adviser Representative: $55.

II. Financial Requirements. If an IA has custody of client funds, the IA must have a minimum net worth of $35,000. If an IA has discretion over client funds, the IA must maintain a minimum net worth of $10,000. If an IA has no discretion or custody, the IA must be solvent. A balance sheet is required for registration.

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. If the adviser is an out-of-state adviser, they must be registered or qualified to transact business as an IAR in the state of their principal place of business.

IV. De Minimis. An out-of-state IA is not required to register until it has more than 5 clients.

V. Other Required Documents.

  • Financial Statements.
  • Investment Advisory Contracts.
  • Privacy Policy.
  • New account form that includes 3rd party trading authorization.
  • Solicitors disclosure document & agreement.
  • POAs and other documents evidencing the vesting of discretionary authority.
  • Advisory client contracts.
  • Documents supporting performance statements.
  • Policy and procedures manual.
  • Written supervisory procedures.
  • Written compliance procedures.

For additional information, please contact the state securities administrator.

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