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
- Form U4
- Examination Requirements: Either 7&66; 65; or CFA/CFP/CHFC/CIC/PFS
- Criminal Offender Record Information (CORI) Acknowledgement Form
- IA Firm Registered or noticed-filed in MA
For additional information, please contact the state securities administrator.
