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Investment Adviser [O.C.G.A. § 10-5-32]
An investment adviser is any person or firm that for compensation engages in the business of advising others as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who issues or promulgates analyses or reports concerning securities for compensation. See O.C.G.A. § 10-5-2(17). Investment Advisers must register electronically through the Investment Adviser Registration Depository (IARD).
The Securities Division of Georgia currently only accepts investment adviser firm registration through the IARD system on the FINRA website, located here:http://www.iard.com.
After your firm pays the registration fee through FINRA, the Georgia Securities Division analyst assigned to the firm’s registration application will contact you.
1. Registration Fee
The initial registration fee is $250.00. The fee payment should be made through the IARD system on FINRA’s website. The IARD system is located at:http://www.iard.com/
2. Form ADV Part 1 (online question & answer format) & Part 2 (narrative brochure must be uploaded)
Investment Adviser firms must complete their Form ADV, Parts 1 & 2, via the IARD system on the FINRA website. This involves answering questions about your firm on Part 1 and uploading a narrative brochure that you have drafted on Part 2. If a firm needs to make changes to these forms, they must make the changes online through the IARD system. Amended forms will not be accepted by email unless they are a reflection of the firm’s ADV forms on FINRA’s website.
- Firms can complete the ADV Part 2 in the PDF format and upload those forms to IARD. The instructions to the narrative ADV Part 2 are located here.
- Firms applying for registration status in Georgia must complete Item 19 for each management or owner and the ADV Part 2B Supplemental brochure for each Investment Adviser Representative employed with the firm.
If assistance is needed for anything related to uploading forms to the IARD system, please call the FINRA Gateway Call Center at (240) 386-4848. This call center specializes in registration questions relating to the FINRA website.
3. Financial Statements
Firms that have custody of client’s funds or securities, or that require payment of more than $500.00 in advisory fees per client six or more months in advance, must submit audited balance sheets.
Firms may be required by the Commissioner to file a financial statement showing the investment adviser’s financial condition as of the most recent practicable date. These financial statements need not be audited.
4. Investment Advisory Contract
Please refer to Rule 590-4-4-.17 for requirements of an investment advisory contract.
5. Any other information the Commissioner may reasonably require
Items 3,4 and 5 may be submitted electronically to: Registrations E-mail. When submitting via email, please include a cover letter identifying the name and CRD number of the Applicant.
Expiration and Renewal
Unless renewed, all investment advisers’ registrations (regardless of when permitted in the calendar year) expire on December 31st of each calendar year. The renewal fee is $100.00. Renewals should be submitted through IARD prior to expiration of registration.
FINRA publishes instructions on IARD renewal during the fall prior to expiration. If you do not receive instructions from FINRA regarding the renewal process during the fall you should contact the FINRA Gateway Call Center at (240) 386-4848 or the Georgia Securities Division at (478) 207-2440 and ask for Investment Adviser Registration information.
Please be advised: Failure to renew by December 31st will result in termination of your registration in Georgia. The Securities Division will NOT send out separate renewal notices to remind registrants and notice filers of the renewal process.
De minimus exemption: An investment adviser who, during the preceding 12 months, has had fewer than six clients in this state need not register with the Securities Division. This is the case whether or not the adviser has a place of business in Georgia. Please see O.C.G.A. §§ 10-5-32(b)(2), 10-5-32(b)(3), and Rule 590-4-4-.13(1)(b).
ADV Amendments: Name and address changes should be submitted immediately through IARD.
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