State Registered Advisers: Firm
An investment adviser is generally defined as any person who receives compensation in the business of advising others as to the value of securities or as to the advisability of investments in, purchasing of, or selling of securities. Investment advisers must obtain registration in the states where they conduct business.
No investment adviser shall engage in business from offices in this state, or render investment advice to persons of this state, unless the investment adviser is registered with the Office of Financial Regulation (OFR) pursuant to Section 517.12(4), Florida Statutes (F.S.).
Exemption from Registration Requirements
Exclusions from the definition of investment adviser are set forth in Section 517.021(14)(b), F.S. Any person who claims entitlement to any of the exclusions bears the burden of proving such entitlement.
Registration Requirements
The Florida Division of Securities participates in the Investment Adviser Registration Depository (IARD) system for the registration of investment advisers. This online system enables investment advisers to register in all desired states via a single electronic form.
All state registered advisers shall file the documents and fees prescribed in Section 517.12(10), F.S., and Rules 69W-600.0016, Florida Administrative Code (F.A.C), through the IARD.
IARD Access
To learn more information about obtaining entitlement to make filings through the IARD system, contact the Gateway Call Center of the Financial Industry Regulatory Authority (FINRA) at (240) 386-4848 or visit their website http://www.iard.com.
Maintaining or Renewing Notice-Filing
Amendments to the Form ADV
If the information contained on the Form ADV, Uniform Application for Investment Adviser Registration, becomes inaccurate for any reason, the registrant shall file an amendment on the Form ADV correcting the information within 30 days.
Amendment filings shall be made through the IARD system.
Terminations
Notices of termination shall be filed on the Form ADV-W, Notice of Withdrawal from Registration as Investment Adviser.
Termination filings shall be made through the IARD system.
Annual Financial Statements
State registered advisers are required to file annual financial statements with the OFR within ninety (90) days after the registrant's fiscal year end pursuant to Rules 69W-600.0161, F.A.C. Such financial statements shall be mailed to the OFR at the address identified in the contact information section. Registration may be denied, revoked or suspended if financial statements reflect net capital less than required under Rule 69W-600.0161, F.A.C.
Renewal Fees
Renewal fees for all state registered advisers shall be paid through the IARD system in accordance with FINRA guidelines. It is incumbent upon the registrant, not the OFR, to ensure that the renewal payment is submitted timely. The renewal fee is $200 for each firm.
Registrants should refer to Sections 517.12(11), F.S., and Rule 69W-600.0016, F.A.C., for additional guidance. Renewal payments for all branch office locations and associated persons shall also be made through the CRD.
Registrations of state registered advisers expire at the end of each calendar year and must be renewed timely for the registrant to remain authorized to do business in, to or from Florida.
Forms
Form ADV-W - Notice of Withdrawal from Registration as Investment Adviser
Statutes and Rules
Applicants for registration as a state registered adviser are subject to the requirements found in Chapter 517, F.S., the Securities and Investor Protection Act, and the administrative rules, Sections 69W-100 through 69W-1000, F.A.C.
Disciplinary Guidelines: per 517.1611(1), F.S.