Check Sheet for Investment Adviser Registration

Please Note: Initial Filing and Fees must be submitted through the IARD System

Fees - Registration as an Investment Adviser
Investment Adviser $275.00
Each Officer, Partner, Member, or Investment Adviser Representative to be registered in Texas $285.00
Each Texas Branch Office $25.00

Pursuant to Rule 116.2(b), a designated officer for a sole proprietorship, corporation, L.L.C., or partnership must be registered, even if the designated officer is not actively engaged in advisory activities. A letter must be submitted with application materials specifying which individual will be the designated officer.

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 registering individual 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:

  1. Form ADV Parts 1A and 1B;
  2. Part 2 of the Form ADV;
  3. Form U-4 for the designated officer and each investment adviser representative; and
  4. The appropriate filing fee(s).
    • In addition, the following items must be filed in paper form with the Securities Commissioner at:
    • State Securities Board
      P.O. Box 13167
      Austin, Texas 78711-3167
  5. 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;
  6. 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 a sworn notarized statement by the applicant's principal financial officer. Certification of Balance Sheet Form
  7. A copy of the investment adviser's standard advisory contract(s) in compliance with Texas Rule 116.12; and
  8. A fee schedule.

Investment Adviser Registration Depository (IARD)

On January 1, 2001, the State of Texas began participation in the electronic investment adviser filing system, the 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 IARD offers several advantages to investment advisers. It eliminates most paper filings, satisfies SEC and state filing and licensing requirements via a single filing, and provides easy public access to information about all firms.

On June 8, 2001, the Texas State Securities Board (the Board) adopted a rule that mandates participation in IARD by all investment advisers registered or notice filed with the Securities Commissioner.

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 I 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 I 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.