Registration
and Compliance for RIA's
What are
your registration requirements?
What
are the SEC registration and regulatory requirements?
What
are the state registration and regulatory requirements?
What
are the necessary steps for filing Form ADV?
Registration
and compliance for RIA's
In order to establish your own RIA firm
you will have to register as an investment advisor. Eligibility
must satisfy certain regulatory requirements - often SEC and
state regulatory requirements.
For
additional information please contact the SEC (www.sec.gov)
as well as the Department of Business and Finance, or the
Securities Division, for each state which you have clients
or plan to conduct business. (Most states have a website containing
registration information for investment advisors).
You
may also contact us directly for additional information (800) 843-3340 Ext 421 or (305) 266-9133 ext 421 Ext 421.
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What are your registration requirements?
Registration requirements can best
be determined by contacting the SEC (www.sec.gov)
and/or the states in which you intend to have clients or a
place of business. Generally, you will be required to register
as an investment advisor with the SEC or within those states.
.
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What are the SEC registration and regulatory
requirements?
Generally you will be required to register
with the SEC if your firm meets the following criteria:
- Maintains
a principal office and place of business in a state that
does not have investment advisor statute in place.
- Current
assets under management are at least $25 million
- Serves
as an investment advisor to a registered investment company
- Have
a certain number of client accounts
For
more information visit www.sec.gov
In addition to registering your
firm with the SEC, you may also be required to file notifications
with the states in which you have a place of business and/or
in which you have clients. Not all states have the same guidelines
on filing requirements. To determine what is needed, you should
contact the states in which you have a place of business and/or
clients. (See www.nasaa.org
for a listing of state regulatory agencies.)
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What are the state registration and regulatory requirements?
Advisors
with less than $25 million under management will generally
be required to complete the state registration. Additionally,
if your firm is not required to register with the SEC (i.e.
you do not meet the criteria listed above), your firm may
be subject to state registration requirements.
To complete the state registration
process, you must determine whether you are required to register
or notice file in the state where any of your clients reside,
as well as determine if there are any additional state regulations
that apply to your registration. Each state has its own registration,
notice filing and reporting requirements for investment advisors.
(See www.nasaa.org for
a listing of state regulatory agencies.)
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What are the
necessary steps for filing Form ADV
The SEC as well as most states require
full disclosure of how an advisor's investment advisory practice
will be operated (e.g., kinds of investments, fee structures).
You will also be required to disclose educational and professional
experience background. This information is gathered through
the Form ADV registration application which most states provide
directly online. Contact the states you wish to do business
in for more information.
Additionally some states may require you to have a Series
65 or combination of Series 7 and 66.
It
is recommended that you discuss your status with a securities
attorney prior to filing Form ADV as well as any other regulatory
filing. Feel free to contact us for referrals.
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Registration
& Compliance
