I. Initial Registration Requirements.
- Initial Registration Form;
- Initial Registration Fee of $200;
- Executed Copy of Form ADV;
- Form ADV Part 2A and Part 2B;
- Form U-2 (Consent to service of process);
- Surety Bond in the amount of $10,000 if net capital is under $25,000;
- Advertising materials including but not limited to business cards, letterhead, advertising brochures, social media, and all other documents upon request;
- Statement of financial condition prepared in accordance with generally accepted accounting principles prepared within 45 days prior to the date the application was filed;
- Statement of financial condition must contain the following documents:
- Balance Sheet;
- Income Statement;
- Net Capital Computation;
- Completed Surety Bond Effective Notice form. A surety bond is required if the net capital requirement cannot be met or maintained;
- Principal Verification;
- Audited financials for the last fiscal year, required for any applicant that has been previously registered or engaged in business in another state for one year or longer;
- Initial registration fee of $105.00 for each Investment Adviser Representative. Only one individual can claim automatic registration and have this fee waived. All other individuals are required to register as an investment adviser representative and pay the appropriate filing fee;
- Form U-4 for each individual registering as an investment adviser representative, including the individual relying upon automatic registration;
- Proof of Series 65 or Series 66 and Series 7 exams for each individual registering as an investment adviser representative, including an individual relying upon automatic registration.
II. Renewal Registration Requirements.
- Renewal Registration Form;
- Renewal Registration Fee of $200;
- An Amended Form ADV citing all material changes affecting the registrant in the previous year;
- An Amended Form ADV Part 2A, including completion of Item 19 for partners, officers and directors;
- An Amended Form ADV Part 2B Supplemental brochure for each Investment Adviser Representative employed with the firm;
- Branch Office Form-Initial, Amended or Renewal;
- Statement of financial condition prepared in accordance with generally accepted accounting principles prepared within 45 days prior to the date the application was filed;
- Statement of financial condition must contain the following documents:
- Balance Sheet;
- Income Statement;
- Net Capital Computation;
- Copy of current Surety Bond Effective Notice from insurance company. A surety bond is required if the net capital requirement cannot be met or maintained;
- Principal Verification;
- Renewal registration fee of $87.00 for each Investment Adviser Representative. Only one individual can claim automatic registration and have this fee waived. All other individuals are required to register as an investment adviser representative and pay the appropriate filing fee;
- A current Form U-4 for each individual registering as an investment adviser representative, including the individual relying upon automatic registration;
- Proof of Series 65 or Series 66 and Series 7 exams for each individual registering as an investment adviser representative, including an individual relying upon automatic registration.
III. Automatic Registration of an Investment Adviser
Initial Registration
- Fee of $100.00 for each Investment Adviser Representative. Only one individual can claim automatic registration and have this fee waived. All other individuals are required to register as an investment adviser representative and pay the appropriate filing fee;
- Form U-4 for each individual registering as an investment adviser representative, including the individual relying upon automatic registration;
- Proof of Series 65 or Series 66 and Series 7 exams for each individual registering as an investment adviser representative, including an individual relying upon automatic registration.
Renewal registration
- Fee of $85.00 for each Investment Adviser Representative. Only one individual can claim automatic registration and have this fee waived. All other individuals are required to register as an investment adviser representative and pay the appropriate filing fee;
- A current Form U-4 for each individual registering as an investment adviser representative, including the individual relying upon automatic registration (Disregard if on IARD);
- Proof of Series 65 or Series 66 and Series 7 exams for each individual registering as an investment adviser representative, including an individual relying upon automatic registration. (Disregard if on IARD)
III. Financial & Bonding Requirements. An IA with either discretionary authority or custody of client funds or securities is required to maintain a minimum net worth of $25,000 or a surety bond of $10,000.
IV. 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.
V. De Minimis. Investment Advisers may claim the De Minimis exemption if he or she has no place of business in this state and during any period of twelve (12) consecutive months the Adviser does not have more than five (5) clients who are residents of this state. This exemption is self-executing, i.e. no filing or fee is required.
VI. Branch Offices. Any firm who has branch office locations in WV should submit a Form BR and a $60.00 fee via the IARD or if the firm is not on the IARD they will need to submit the Branch Office Form and fee to the Securities Commission.
VII. Other Required Documents.
- Signed consent to service.
- Financial statements.
- Surety/fidelity bond.
- List of branch offices in the state.
- Designation of supervisor.
For additional information, please contact the state Securities Administrator.
