I. Registration Fees.
- Investment Adviser: $250.
- Investment Adviser Representative: $55.
II. Financial & Bonding Requirements. An IA with no discretion or custody of customer funds must have a positive net worth. IAs with discretion must maintain a surety bond or satisfy a minimum net worth requirement of $10,000. IAs with custody must maintain a surety bond or satisfy a minimum net worth requirement of $35,000. An unaudited balance sheet is required for IAs that have discretion, due upon initial registration, during examinations, and immediately if they fall below their minimum net worth. Audited financial statements are required for IAs with custody of client funds or securities.
III. Sole Proprietorships. If an IA is a sole proprietorship, registration fees must be paid for both the IA and the IAR. In addition, a form U4 and a tax certification form must be filed for the IAR.
IV. Branch Offices. If an IA has branch offices within the state, the IA must register each branch office using a state form and pay a registration or notice filing fee of $100.
V. De Minimis. An out-of state IA is not required to register until it has more than 5 clients.
VI. Other Required Documents.
- Affidavit of prior activity.
- List of branch offices.
- Certificate of formation/articles of incorporation.
- Tax certification form.
For additional information, please contact the state securities administrator.
