Corporations Elections Licensing Securities

FAILURE TO RENEW (FTR) INFORMATION FOR INVESTMENT ADVISERS


Atlanta, GA - FINRA provides notice to the Georgia Commissioner of Securities (the “Commissioner”) and Securities Division (“Division”) if an organization fails to renew registration as an investment adviser, for the year beginning January 1, 2017. In accordance with O.C.G.A. § 10-5-35(e): A registration is only effective until midnight on December 31 of the year for which the application for registration is filed.

·  An organization fails to renew if it does not pay the statutory renewal fee required pursuant to O.C.G.A. § 10-5-39(d) and if it fails to file the records required pursuant Commissioner’s Rule 590-4-4-.08.  On Web CRD/IARD, the failure to renew registration status will be displayed as:  FTR

·  Pursuant to O.C.G.A. § 10-5-32(a) “[i]t is unlawful for a person to transact business in this state as an investment adviser unless the person is registered under this chapter as an investment adviser or is exempt from registration.”  Any firm conducting investment advisory business in Georgia without an active registration is in violation of O.C.G.A. § 10-5-32 and subject to administrative penalties under O.C.G.A § 10-5-73.

·  Pursuant to § O.C.G.A. 10-5-33 (a), “[i]t is unlawful for an individual to transact business in this state as an investment adviser representative unless the individual is registered under this chapter as an investment adviser representative or is exempt from registration.”  Any individual conducting investment advisory business as an investment adviser representative in Georgia without an active registration is in violation of O.C.G.A. § 10-5-33 and subject to civil and administrative penalties under O.C.G.A § 10-5-73.

·  The Securities Division does NOT have a late renewal period. All registrants that fail to renew by the December 31, 2016 deadline must complete the new applicant registration process.  If your organization failed to renew, you will need to:

1. submit a new Form ADV for the organization and a new Form U4 for any representative that wishes to remain actively registered within the state of Georgia;

2. provide proof of the organization’s corporate entity status with the filing of a certificate of existence and/or articles of incorporation or organization;

3. submit the advisory contract used with clients;

4. provide a list of all representatives wishing to register in Georgia that includes the representative’s name and CRD number; and

5. your Investment adviser representatives must submit new fingerprint information.

Information on the Registration Process can be found:

Investment Adviser Firms:  http://sos.ga.gov/index.php/Securities/investment_adviser2

Investment Adviser Representatives:  http://sos.ga.gov/index.php/Securities/investment_adviser_representative

·  If the organization wishes to remain unregistered in Georgia but would like the status of “failed to renew” removed from its registration record, please submit a written request to have the status removed.  This request should be submitted to the Division and must include the reason for your firm’s termination from registration with the state of Georgia.  You may email this request to registrations@sos.ga.gov

·  The applicable statutes and laws can be found on the Secretary of State website a:
http://sos.ga.gov/index.php/securities/georgia_uniform_securities_act_of_2008.


Contact

214 State Capitol
Atlanta, Georgia 30334
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© 2012 Georgia Secretary of State