Maine

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I. Registration Fees.

  • Investment Adviser: $200.
  • Investment Adviser Representative: $50.

II. Financial & Bonding Requirements. If an IA has custody of client funds, the IA must have a minimum net worth of $35,000 or a surety bond for the net worth deficiency rounded up to the nearest $5, 000. If an IA has discretion over client funds, the IA must maintain a minimum net worth of $10,000 or a surety bond for the net worth deficiency rounded up to the nearest $5,000. If an IA has no discretion or custody, the IA must maintain a positive net worth.

III. Sole Proprietorships. If an IA is a sole proprietorship, it must file a U4 and pay registration fees for the IA. Sole proprietors must take and pass the Series 65 or Series 7 and 66, submit fingerprint cards, and attend the office’s new broker/adviser seminar.

IV. Branch Offices. If an IA has branch offices within the state, the IA must register each branch office and pay a registration fee of $50.

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

VI. Other Required Documents.

  • Financial Statements.
  • Copy of firm’s surety/fidelity bond.
  • Fingerprints.
  • Client Agreements.
  • Attend seminars for new advisers.

For additional information, please contact the state securities administrator

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