New Jersey

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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.

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