I. Registration Fees.
- Investment Adviser: $200.
- Investment Adviser Representative: $50.
II. Financial & Bonding Requirements. If an IA has no discretion or custody, the IA must be solvent and must submit a recent balance sheet certified by its principal reflecting its solvency. If an IA has discretionary authority, the IA must maintain a minimum net worth of $10,000 and must submit a recent balance sheet certified by its principal reflecting its net worth. If an IA has custody, the IA must maintain a minimum net worth of $35,000 or obtain a $35,000 surety bond, and obtain annual audited financial statements.
III. Sole Proprietorships. If an IA is an individual operating as an unincorporated sole proprietorship, the proprietor must file a Form U4 but is not required to pay a fee to register as an IAR. A single person IA should contact the Bureau to determine whether the IAR fee must be paid.
IV. De Minimis. Neither an in-state nor an out-of-state IA is required to register until it has more than 5 clients.
V. Other Required Documents.
- Signed financial statements.
- Signed surety/fidelity bond.
- Signed fingerprint and criminal background check form.
- Copies of all current standard client contracts.
For additional information, please contact the state securities administrator.
