I. Registration Fees.
- Investment Adviser: $210.
- Investment Adviser Representative: $55.
II. Financial & Bonding Requirements. An IA with discretion must have a minimum net worth of $35,000 or maintain a surety bond in the same amount. An IA with custody must have a minimum net worth of $50,000 or maintain a surety bond in the same amount. Unaudited financials in the form of a balance sheet and income statement must be dated within 45 days of the submission and accompanied by a verification form.
III. Sole Proprietorships. If an IA is a sole proprietorship, registration fees must be paid for both the IA and the IAR. In addition, a form U4 must be filed for the IAR.
IV. De Minimis. An out-of-state IA without a place of business in SC is not required to register until it has more than 5 clients.
V. Other Required Documents.
- Signed copy of surety bond, if required.
- Verification Form, which includes an affidavit of prior activity.
- Private Placement Memorandum and partnership agreement, if managing a pooled investment vehicle.
- Client contracts that comply with Regulation 13-502 A (16).
- A list of investment adviser representatives doing business in SC and their CRD numbers.
- SLED records check for each representative that is not registered with FINRA.
For additional information, please contact the state securities administrator.