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Note: On the web pages below, references are made to the Rules as found in Title 10, Chapter 3, California Code of Regulations (“CCR”).
For information concerning the CCR and accessing sections of the CCR referenced on these web pages, click here. An investment adviser (“IA”) is defined in Corporations Code (“Code”) Section 25009 as any person who, for or as to the advisability of investing in, purchasing or selling securities, or who, for compensation and as a part of a regular business, publishes analyses or reports concerning securities. See Section 25009.) It depends on certain statutory criteria.
NASAA is pleased to provide the following answers to frequently asked questions about investment advisers. What is Form ADV Part 2A, and can it be filed electronically? How does my firm register individuals, and what forms should I use?
What determines whether I register my firm with a state or the SEC? What application form do I use to register my firm, and where can I find it? Is there a federal licensing requirement for individuals? Must I be separately licensed as an investment adviser?
Registered advisers with a fiscal year ending after 12/31/2010 must have delivered new firm brochures to existing clients 90 days after the adviser's fiscal year end.
Registered advisers with a fiscal year ending after 4/30/2011 must have delivered brochure supplements to existing clients 60 days after the filing of the adviser's first annual amendment.
I passed the Series 65, but my firm didn’t register me with a state. What is the definition of “high net worth individual” as used in Part I-A of Form ADV? Is the program one client, or do I count each of the participants as clients? How should I prepare for an audit/exam by a state securities regulator? Where it gets complex is for sole proprietors, who often are considered by states to be both investment advisers and investment adviser representatives, and thus may be required to obtain firm and individual licenses (in addition to any general business requirements), though some jurisdictions do waive the dual licensing requirement.
Now two years have passed and my exam is shown in my record as “expired.” Can I get licensed in another state? How can I delete a Disclosure Reporting Page (DRP) from the IARD or CRD? Not all states license investment adviser representatives, but most of those that do require that the individual pass the Series 65 exam (or an equivalent), file an application, pay a fee, and comply with other requirements such as undergoing a background check.
Once I am registered, can I publicly advertise myself as an investment adviser or financial planner? Among other things, it discusses the distinction between investment advisers (firms) and investment adviser representatives (the individuals actually giving advice to customers).In addition, if discretionary advice is provided by a team comprised of more than five supervised persons, brochure supplements need only be provided for the five supervised persons with the most significant responsibility for the day-to-day discretionary advice provided to the client.You must deliver to a client the brochure supplements for each supervised person who provides advisory services to that client.However, there are three categories of clients to whom you are not required to deliver supplements.
First, you are not required to deliver supplements to clients to whom you are not required to deliver a firm brochure (or a wrap fee program brochure). Where can I get help completing the various registration forms? When must an individual investment adviser representative register with a state? I will be getting “basis points” or referral fees for business I send to an investment adviser. I have been in the investment adviser business for years. I am registered at the state and federal levels as a stockbroker.What is Form ADV Part 2B, and can it be filed electronically? Besides filing the forms and paying necessary fees, are there other requirements for state-registered firms or individuals?The brochure supplement thus includes information that would not necessary be included in the firm brochure about supervised persons of the adviser who actually provide the investment advice and interact with clients.