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I. Registration Fees.

  • Investment Adviser: $250.
  • Investment Adviser Representative: $75.

II. Financial & Bonding Requirements. If the firm has discretion or custody, it is required to maintain a surety/fidelity bond and submit a copy of the bond. For IAs with discretion the bond amount is $10,000.00. For IAs with custody the bond amount is $35,000.00. All IAs must be solvent and maintain a positive net worth.

III. Sole Proprietorships. If an IA is structured as 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. The person does not have a place of business in this state and:
(A) the person’s only clients in this state are certain types of institutional clients or
(B) during the preceding 12 months, the person has not had more than five clients who are residents of this state other than those specified in (A) of this paragraph.

V. Other Required Documents.

  • Consent to service.
  • Business breakdown.
  • List of branch office in the state.

For additional information, please contact the state securities administrator.

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