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I. Registration Fees.

  • Investment Adviser: $300.
  • Investment Adviser Representative: $50.

II. Financial & Bonding Requirements. If an IA has discretion over client funds, the IA must maintain and provide a copy of a surety bond in the amount of not less than $10,000.

III. Sole Proprietorships. If an IA is a sole proprietorship, it must file a U4 and pay registration fees for both the IA and the IAR. Sole proprietors must qualify via exam, designation or waiver.

IV. De Minimis. An out-of state IA is not required to register until it has more than 5 clients.

V. Other Required Documents.

Investment Adviser

  • Form ADV (Parts 1, and 2A (2B if necessary)
  • Form U4 for at least 1 IAR
  • Surety Bond (if IA is based in MA and has discretion)
  • 202(a) affidavit for Schedule A, B individuals not conducting IAR activity in MA and paper Form U4
  • Allowed in “home” state if “home” is not MA

Investment Adviser Representative

For additional information, please contact the state securities administrator.

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