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I. Registration Fees.

  • Investment Adviser: $300.
  • Investment Adviser Representative: $75.

II. Financial & Bonding Requirements. Audited financial statements are required if the IA has custody of client funds or securities. Custody includes the capacity of an IA, acting as a general partner of a limited partnership or comparable position for a pooled investment vehicle, to have ownership of or access to client funds or securities. Each IA applying for initial registration must submit an unaudited balance sheet prepared in accordance with GAAP dated within 30 days of the filing. The balance sheet shall be certified as true and accurate by the CFO of the IA as indicated on the ADV or, if there is no CFO, the person executing the ADV. If the adviser has been engaged in business for one year or more preceding the filing of the application, the applicant may submit audited financial statements for the last fiscal period along with an unaudited balance sheet in a form acceptable to the Commissioner dated within 30 days of the filing. IA must maintain minimum net worth of $12,500. If the IA has custody of client funds or securities it must maintain a surety bond in the amount of $50,000 covering the IA and each representative.

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. Branch Offices. An IA must register its branch offices located in Arkansas. The registration fee is $50.

V. De Minimis. Our definition of IA excludes a person with no place of business in Arkansas that has had fewer than six (6) clients that are residents of Arkansas, other than institutional investors, during the preceding twelve-month period.

VI. Other Required Documents.

  • State specific independent contractor acknowledgement form.
  • State specific dual registration form.
  • Copies of investment advisory contracts to be used by the IA.
  • Name of supervisor.

For additional information, please contact the Arkansas Securities Department

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