All states require that investment advisers (IAs) and investment adviser representatives (IARs) conducting business in the state register with the state’s securities regulatory authority (or qualify for an exemption from registration). Approximately 17,500 investment advisers are so registered. Registration standards are complex and you should consult an attorney if you have questions about whether you or your firm must register.
Applicants for investment adviser registration must file Form ADV, Parts 1 & 2, through the Investment Adviser Registration Depository (IARD) and may be required to submit additional materials (such as advisory contracts and financial statements). Applicants should heed the instructions for completing Form ADV and should update it over time per the form’s instructions.
An applicant for registration as an investment adviser representative must file a Form U4, which also has its own completion instructions. The Form U4 must show that the applicant has passed the required competency exams or holds an active, acceptable professional designation.
Registration fees must be paid electronically through the IARD system.
For your convenience, general investment adviser registration information can be found for each state at the links below. NASAA makes no representation as to the accuracy of this information; readers and their counsel should consult the laws and rules of each state to determine their registration requirements. Any questions about registration requirements may be directed to each state’s securities regulator.
(Note: Information for jurisdictions without links is in the process of being updated. In the meantime, contact the agencies directly for their registration information. Contact information for each jurisdiction is available here.)
Last Updated: August 2019
Please select a state to review its additional registration requirements.
|Arkansas||Kansas||New Hampshire||South Dakota|
|Connecticut||Maine||New York||U.S. Virgin Islands|
|Dist. of Columbia||Massachusetts||North Dakota||Vermont|