I. Registration Fees.
- Investment Adviser: $375.
- Investment Adviser Representative: $130.
II. Financial & Bonding Requirements. If an IA has no discretion or custody, the IA must be solvent and must submit recent financial statements certified by its principal reflecting its solvency. If an IA has discretionary authority, the IA must maintain a minimum net worth of $10,000 and must submit recent financial statements certified by its principal reflecting its net worth. If an IA has custody, the IA must maintain a minimum net worth of $35,000 or obtain a $35,000 surety bond, and obtain annual audited financial statements.
III. Sole Proprietorships. If an IA is an individual operating as an unincorporated sole proprietorship, the proprietor must file a Form U4 but is not required to pay a fee to register as an IAR. A single person IA should contact the Bureau to determine whether the IAR fee must be paid.
IV. De Minimis. Neither an in-state nor an out-of-state IA is required to register until it has more than 5 clients.
V. Other Required Documents.
- Notarized financial statements.
- Notarized surety/fidelity bond.
- Signed fingerprint and criminal background check form.
- Copies of all current standard client contracts.
- Sample marketing materials, if any.
- Signed certifications provided upon application.
For additional information, please contact the state securities administrator.
