New Mexico

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I. Registration Fees.

Filing fees are paid through the IARD system.

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

II. Financial & Bonding Requirements. An IA must maintain a minimum net worth of $5,000. The required minimum net worth increases to $10,000 if an IA has discretionary authority and $2,000,000, or post a surety bond if an IA has custody of client funds or securities and have annual audited financial statements completed.

III. Required Forms. If an IA is a sole proprietorship, the proprietor pays the required fees.

  • Form ADV Parts 1 and 2, via the IARD system: IA Forms
  • Form U-4 (for all investment adviser representatives) including the sole proprietor

IV. Branch Offices. If a registered IA has branch offices within the state, the IA must register each branch office by filing Form BR on the IARD system.

V. De Minimis. An out-of-state IA with no place of business in this state and not more than 5 clients during the last 12 months is exempt from the registration requirements.

VI. Other Required Documents.

  • Financial statements demonstrating compliance, see Rule NMAC
  • Registration of the designated supervisor who satisfies the requirements of Rule NMAC
  • Sole Proprietorships are not required to have a designated supervisor, but must meet the minimum qualifications as an IAR (i.e., passed the Series 65)
  • Fee schedule.
  • Advisory contracts.

For additional information, please contact the state securities administrator.

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