I. Registration Fees.
- Investment Adviser: $100.
- Investment Adviser Representative: $50.
II. Financial & Bonding Requirements. An IA with discretion, but not custody, must have a minimum net worth of $10,000 and provide unaudited financial statements consisting of a balance sheet and an opinion letter written by the person who prepared the balance sheet. An IA with custody must have a minimum net worth of $35,000 and provide an audited balance sheet at the end of the IA’s most recent fiscal year as well as an auditor’s opinion letter. A surety bond may also be required.
III. Sole Proprietorships. If an IA is a sole proprietorship, IA registration fees must be paid and a Form U4 together with IAR fee must be filed for the IAR.
IV. De Minimus. An out-of-state IA, which does not have a place of business in this state, is not required to register until it has more than 5 clients.
For additional information, please contact the state securities administrator.
