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I. Registration Fees.

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

II. Financial & Bonding Requirements. An IA is not required to maintain a bond or satisfy a minimum net worth requirement. Audited financial statements are required for IAs that have custody of client funds or securities and IAs that require advance payment of fees in excess of $500. The IA shall file audited financial statements as of the end of the investment adviser’s most recent fiscal year updated as of a date within ninety (90) days of the date of application. Financial statements include a balance sheet, statement of income, statement of retained earnings, and changes in financial position as well as all related footnotes and supporting schedules prepared in accordance with Generally Accepted Accounting Principles (GAAP). If audited financial statements are not current within 90 days of the date of filing, additional unaudited financial statements must be submitted covering the period from the beginning of the current fiscal year through a month ending within the 90-day time frame.

III. Sole Proprietorships. If an IA is a sole proprietorship, a $300 registration fee must be paid for the IA. No additional fee is required for the IAR, but a form U4 must be filed for the IAR. In lieu of audited financials, a sole proprietor may file reviewed financial statements.

IV. De Minimis. An out-of-state IA is not required to register until it has more than 5 clients but might be required to file a notice if it has a governmental client.

V. Other Required Documents.

  • Financial Statements.
  • Policy & Procedure Manual.
  • Written Compliance Procedure.
  • Written Supervisory Procedure.
  • Code of Ethics.

For additional information, please contact the state securities administrator.

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