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, but is exempt from the examination requirements.
- 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 126.96.36.199 NMAC
- Registration of the designated supervisor who satisfies the requirements of Rule 188.8.131.52 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.