I. Registration Fees.
- Investment Adviser: $100
- Investment Adviser Representative: $35 (Note: IARD may charge an additional system fee.)
II. Financial & Bonding Requirements. All IAs are required to remain solvent. Audited financial statements are required if an IA has custody of client funds or securities and the IA alone sends account statements to clients.
III. Sole Proprietorships. If an IA is a sole proprietorship, the proprietor is not required to pay an IAR registration fee or file a Form U4. However, the proprietor must have passed the Series 65 examination or the Series 7 and 66 examinations since 2000, or the proprietor must possess one of the 5 recognized professional designations.
IV. De Minimis. An out-of-state IA is not required to register until it has more than 5 clients, so long as it has no “place of business” in this state.
V. Branch Offices. If an IA has branch offices within the state, the IA must file a notice on Form BR, but the IA is not required to pay a branch registration fee.
VI. Other Required Documents.
- Fingerprints (to the extent not already on file with Web CRD).
- Designation of supervisor (chief compliance officer).
- Client contract*
- List of all branch offices with contact information*
- List of employees and IARs, and their job duties*
- Compliance manual*
- Business cards*
- Solicitor agreements*
- Statements regarding compliance with recordkeeping and retention rules*
*May not be required for out-of-state and “Switching” applicants.