Please Note: Initial Filing and Fees must be submitted through the IARD System
Fees - Registration as an Investment Advisor
|Each Officer, Partner, Member, or Investment Adviser Representative||$35|
|Each Texas Branch Office||$25|
Pursuant to Board Rule 116.2(b) each investment adviser that is a sole proprietorship, corporation, L.L.C., or partnership must register an individual as the firm's "designated officer." The designated officer does not have to be engaged in providing investment advice to clients, however the designated officer must satisfy the registration requirements to register as an investment adviser representative. The firm must submit a letter with its application material specifying the name of the designated officer and should ensure an application to register the designated officer is submitted.
Each investment adviser representative (IAR) providing investment advisory services to a Texas resident must also register. IARs must register with the firm via the Central Registration Depository System (CRD) using Form U4. You may contact CRD at (301) 590-6500 for guidance.
Each applicant for registration must meet requisite examination requirements. (Refer to Examination Requirements.)
Items that must be filed electronically via the Investment Adviser Registration Depository (IARD) include the following:
- Form ADV Parts 1A and 1B;
- Part 2 of the Form ADV;
- Form U4 for the designated officer and each investment adviser representative; and
- The appropriate filing fee(s).
In addition, the following items must be filed directly with the Securities Commissioner at:
State Securities Board
P.O. Box 13167
Austin, Texas 78711-3167
- A copy of the firm's articles of incorporation or other documents which indicate the form of organization, certified by the jurisdiction or by an officer or partner of the applicant;
- A copy of the firm's By Laws or Operating Agreement;
- An audited or certified balance sheet prepared in accordance with generally accepted accounting practices reflecting the financial condition of the investment adviser not more than 90 days prior to the date of such filing along with Form 133.18 completed by the applicant's principal financial officer. Access the Form 133.18 Certification of Balance Sheet by Principal Financial Officer Form.
- A copy of the investment adviser's standard advisory contract(s) in compliance with Texas Rule 116.12; and
- A fee schedule.
Investment Adviser Registration Depository (IARD)
The IARD is a joint effort by the U.S. Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA). The Financial Industry Regulatory Authority (FINRA), acting as a vender only, operates the IARD.
The first step in applying for investment adviser registration is to apply for access to the IARD system by completing forms in the State Registration IARD Entitlement Packet. This information is available at www.iard.com. The IARD Entitlement Group will send you a Confirmation Packet containing a log-on name and initial password which you will use to sign onto the IARD.
Prior to signing on, you should access the IARD Users Manual on the IARD website. It provides detailed instructions on how to submit your electronic filings. The IARD Users Manual helps guide you through IARD filings. You might find it beneficial to print this manual for future reference. After you receive a log-on name and initial password, you can set up your on-line IARD account by following the steps in Chapter 2 of the IARD Users Manual.
Once you have set up your account and completed the initial filing, as described above, you must submit Form ADV, Parts 1 and 2, through the IARD. Please note that you must have established an account and have the necessary funds on deposit with the IARD before you file Form ADV, Parts 1 and 2, or your filing will not be accepted. To register each investment adviser representative, electronic filing of Form U4 applications must be via the CRD system. Renewal fees for the adviser and each IAR will be paid via the IARD system.
The FINRA Investment Adviser Support line is available at (240) 386-4848 to assist you with questions regarding IARD system navigation and use. FINRA does not have regulatory authority over investment advisers; therefore, questions related to investment advisory policy, interpretation, or regulatory requirements should be directed to the State Securities Board at (512) 305-8300.
Additional information regarding the IARD system is available at www.iard.com. You may also submit questions to the State Securities Board at (512) 305-8300 or refer to the Dealer/Agent and Investment Adviser/Representative FAQs on this website.