Back to state index

I. Registration Fees.

  • Investment Adviser: $200.
  • Investment Adviser Representative: $40.

II. Financial & Bonding Requirements. All IAs are required to maintain a minimum net worth of $25,000. If an IA fails to maintain the required net worth, it must obtain a surety bond of $25,000. An IA with custody of client funds or securities must submit an audited balance sheet. If the audited balance sheet is dated more than 90 days prior to submission, an unaudited balance sheet dated within 90 days must also be submitted. An IA with discretionary authority but not custody must submit unaudited financial statements that are dated within 90 days of submission.

III. Sole Proprietorships. If an IA is a sole proprietorship, the proprietor must file a Form U4 but is not required to pay a fee to register as an 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.

  • Original signed financial statements.
  • Original signed surety/fidelity bond.
  • Original signed affidavit of prior activity.
  • Proof of residency.
  • Consent to service.
  • Certificate of formation/articles of incorporation.
  • Client Contracts.

For additional information, please contact the state securities administrator.

Summary of IA requirements and supplemental forms (NE forms are hyperlinked).

Back to state index

Print Friendly, PDF & Email