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Securities Division > Resources for > Investment Advisers Investment Advisers

Resources

Frequently Asked Questions

Is it mandatory for each firm to register through the IARD?

  • Yes, as of June 15, 2002, it is mandatory.

What test(s) must I take to become a registered investment adviser?

  • You must fulfill the exam requirements by passing the S7 and the S66 or by passing the S65 or by holding in good standing one or more ofthe following approved professional designations: CFP, CFA, ChFC, CIC, or PFS.

Where can I find out about the Series 65 & 66 exams?

  • Go the the Web site http://www.finra.org/ and under Industry & Regulatory Resources, click on Exams. This will provide you with information about these exams.

How long does the Securities Division reserve the right to take in reviewing a pending adviser?

  • The Securities Division reserves the right to review the prospective adviser for 30 days. The review may last longer based on discrepancies including but not limited to exam requirements or reportable disclosures.

Does the State have a de minimus clause?

  • Yes and it applies if the investment adviser (company) does not have a place of business in Indiana and during the preceding twelve (12) months, has had less than six (6) clients who are residents of Indiana.

Do I file everything online?

  • Yes, you file Part I and Part II of Form ADV online. Once you have completed that, you need to send us:
    • Copies of any client agreements or contracts you intend to use
    • Current balance sheet for the investment adviser

What is the registration fee for a firm?

  • The initial registration fee is $100 for a firm. Renewal fees are $50.

Do the SEC registered investment advisers have to register their investment adviser representatives in Indiana?

  • Yes - If they have a place of business in Indiana. There is a $50 fee to Notice File in Indiana. The fee for investment adviser representatives is $25 for the initial registration and $25 for annual renewals.

Does Indiana require criminal background checks for investment adviser representatives?

  • Beginning July 1, 2010, all new applicants for registration as an investment adviser representative that are not also registered or registering as an agent of a broker-dealer, will be required to undergo a criminal background check.  Please click HERE for instructions on how to obtain a criminal history report.

 

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