I am switching to the IARD electronic registration system from being a paper filer. When I filed a U-4, the IARD automatically scheduled me for a Series 65 examination and charged my account 0, even though I am grandfathered in the state. What information about a firm and its representatives is publicly available? The NASAA Investment Adviser Guide is a good starting point for information.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).Part 2B of Form ADV or “brochure supplement” provides information about the advisory personnel on whom the particular client receiving the brochure relies for investment advice.Among other things, a brochure supplement contains information about the educational background, business experience and disciplinary history (if any) of the supervised persons who provide advisory services to the client.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 on 12/31/2010 must have delivered the new Form ADV Part 2A brochures to existing clients by 5/30/2011.
Registered advisers with a fiscal year ending after 12/31/2010 must begin delivering the new Form ADV Part 2A brochures to new and prospective clients 90 days after the adviser's fiscal year end.
Registered advisers with a fiscal year ending after 12/31/2010 must have delivered new firm brochures to existing clients 60 days after the filing of the adviser's first annual amendment.
Exemptions from the licensing requirement for broker-dealers and investment advisers are found in Code Sections 25200 thru 25209 and California Code of Regulations (“CCR”) Sections 260.200 thru 260.204.12.
Code Section 25202 is specifically related to investment advisers and provides a de minimis exemption from the licensure requirement to any investment adviser that (1) has who are residents of this state.