Investment Advisor and Representative Registration Instructions

Note: All investment advisor and representative registrations expire annually at midnight on the 31st day of December unless renewed.

Deminimus Exemption - 21 VAC 5-80-210 B allows any registered investment advisor or federally covered investment advisor who has no place of business in Virginia to have up to five clients in any prior twelve month period without the need of a Virginia registration or notice filing.

Investment Advisor Initial Registration

• State Covered Investment Advisor Initial Registration
  • 21 VAC 5-80-10 A requires applicant as an investment advisor file in compliance with all requirements of the Investment Advisor Registration Depository (“IARD”) system
  • 21 VAC 5-80-10 B requires an applicant file directly with the IARD system:
    • completed Form ADV Parts 1 and 2 designating Virginia as a jurisdiction;
    • the statutory fee of $200 paid from the applicant’s IARD Daily Account;
    • register each of its representatives providing advice to a Virginia resident as required by § 13.1.504;
    • any other information the Commission may require.
• Federal Covered Investment Advisor Initial Registration
  • 21 VAC 5-80-10 D requires every person transacting business in Virginia as a federal covered advisor to file notice.
  • 21 VAC 5-80-10 E requires a federally covered advisor to submit:
    • completed Form ADV Part 1;
    • the statutory fee of $200 paid from the applicant’s IARD Daily Account.

Investment Advisor Representative Initial Registration

• Representatives of State and Federal Covered Advisors
  • 21 VAC 5-80-70 A requires applicant as an investment advisor file in compliance with all requirements of the Investment Advisor Registration Depository (“IARD”) system
  • 21 VAC 5-80-70 B requires an applicant file directly with the IARD system:
    • A completed Form U-4;
    • a statutory fee of $40 paid from the applicant’s CRD Daily Account;
    • Evidence in the form of a NASD exam report of passing: (i) the Uniform Investment Advisor Law Examination, Series 65; (ii) the Uniform Combined State Law Examination, Series 66, and the General Securities Representative Examination, Series 7; or (iii) a similar examination in general use by securities administrators which, after reasonable notice and subject to review by the Commission, the Director of the Division of Securities and Retail Franchising designates;
    • Any other information the Commission may require.
• Employment by more than one investment advisor
  • 21 VAC 5-80-250 allows investment advisor representatives to be employed by more than one investment advisor or federal covered advisor if the following conditions are satisfied:
    • Each employing advisor is under common ownership and control;
    • Each employing advisor is registered or has filed notice in Virginia;
    • Each employing advisor executes an Investment Advisor Multiple Employment Agreement (Form S.A. 15) and files the executed agreement with the Commission at its Division of Securities and Retail Franchising prior to transacting business;
    • The representative is registered in accordance with 21VAC 5-80-70 by and on behalf of each employing advisor.
• Representatives of a Federally Covered Advisor
  • Representatives of a Federally Covered Advisor who are not domiciled in and do not conduct business from Virginia are not required to register.

Investment Advisor Post-Registration Reporting

• Investment Advisors and Federally Covered Advisors
  • 21 VAC 5-80-40 requires investment advisors and federal covered advisors to update Form ADV as required by Item 4, "When am I required to update my Form ADV?" of Form ADV General Instructions. All such amendments shall be filed through the IARD system.
• State Covered Advisors required to file Annual Amendment
  • 21 VAC 5-80-40 requires state covered advisors to submit an annual updating amendment within 90 days after the end of its fiscal year.
• Investment Advisor Representatives Amendment
  • 21 VAC 5-80-100 requires all representatives to amend their Form U-4 as required by the “General Instructions” of Form U-4. All filings shall be made in compliance with all requirements of the FINRA/NASAA Registration Depository system.

Investment Advisor and Representative Annual Renewal Registration

• State Covered Investment Advisors
  • 21 VAC 5-80-30 A A state covered advisor will be billed by the Investment Advisor Registration Depository system the statutory fee of $200 prior to the annual expiration date. A renewal of registration will be granted upon payment of the proper fee unless the registration was, or the renewal would be, subject to revocation under § 13.1-506.
• Federal Covered Advisors
  • 21 VAC 5-80-30 B A federal covered advisor will be billed by the Investment Advisor Registration Depository system the statutory fee of $200 prior to the annual expiration date. A renewal of registration will be granted upon payment of the proper fee.
• Representative of an Investment Advisor or a Federal Covered Advisor
  • 21 VAC 5-80-90 Investment advisor representatives of an investment advisor or federal covered advisor will be billed by the Investment Advisor Registration Depository system the statutory fee of $40 per representative. A renewal of registration will be granted as a matter of course upon payment of the proper fees unless the registration was, or the renewal would be, subject to revocation under § 13.1-506.