I. Registration Fees.
- Investment Adviser: $200.
- Investment Adviser Representative: $30.
II. Financial & Bonding Requirements. If an IA has custody of client funds or securities, it must have a net worth of at least $25,001 or maintain a surety bond in the amount of $25,000.
III. Sole Proprietorships. A sole proprietorship must register and pay fees both as an IA and 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.
- Client contracts.
- Supervisory and procedures manual.
- Copy of surety bond (if applicable).
- Disaster Recovery Plan.
- Financial statements (GAAP).
For additional information, please contact the state securities administrator.