I. Registration Fees.
- Investment Adviser: $300.
- Investment Adviser Representative: $50.
II. Financial & Bonding Requirements. If an IA has discretion over client funds, the IA must maintain a surety bond of $10,000. If an IA has no discretion or custody, the IA must be solvent.
III. Sole Proprietorships. If an IA is a sole proprietorship, it must file a U4 and pay registration fees for both the IA and the IAR. Sole proprietors must qualify via exam, designation or waiver.
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 applicable).
- Criminal Offender Record Information (CORI) Acknowledgement Form
For additional information, please contact the state securities administrator.