State Registered Advisers: Associated Person
Associated person of an investment adviser means any person who for compensation refers, solicits, offers, or negotiates for the purchase or sale of investment advisory services.
A person whose activities fall within this definition is required to register with the Office of Financial Regulation (OFR) as an associated person of a state registered adviser pursuant to Section 517.12(3), Florida Statutes (F.S.).
The state registered adviser with which the associated person seeks registration must be lawfully registered with the OFR.
Note: Registration as an associated person of a state registered adviser does not constitute registration as an associated person of a dealer, or vice-versa. The two associated person registrations are separate and distinct.
Registration Requirements
The Florida Division of Securities participates in the Central Registration Depository (CRD) system for registration of associated persons for state registered advisers.
All state registered advisers requesting associated person registration shall file the Form U4, Uniform Application for Securities Industry Registration or Transfer, documents and fees prescribed in Section 517.12(9), F.S., and Rule 69W-600.0024, Florida Administrative Code (F.A.C.), through the CRD.
State registered advisers not dually registered as a Financial Industry Regulatory Authority (FINRA) member broker-dealer are required to submit fingerprint results for associated person applicants to the OFR.
CRD Access
To obtain more information about how to make associated person filings through the CRD system, contact FINRA at (301) 590-6500 or visit their website http://www.finra.org/industry.
Maintaining Notice-Filing
Amendments to Form U4
If the information contained on the Form U4 becomes inaccurate for any reason, the state registered adviser shall file an amendment on the Form U4 correcting the information within 30 days.
Amendment filings shall be made through the CRD system.
Termination of Associated Person Registration
State registered advisers shall file notices of termination for their associated persons on the Form U5, Uniform Termination Notice for Securities Industry Registration.
Termination filings shall be made through the CRD system.
Renewal of Associated Person Registration
Renewal fees for associated persons of state registered advisers shall be submitted through the CRD 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 $50 for each associated person.
Registrants should refer to Section 517.12(10), F.S. and Rule 69W-600.0024, F.A.C., for additional guidance.
Registrations for associated persons of state registered advisers expire at the end of each calendar year and must be renewed timely for the registrant to remain registered to conduct business in, to or from Florida.
Forms
Form U4, Uniform Application for Securities Industry Registration or Transfer - Form U4 Instructions
Form U5, Uniform Termination Notice for Securities Industry Registration - Form U5 Instructions
Form OFR-MIL-001 – Active Military Member/Veteran/Spouse Fee Waiver and Military Service Verification
Statutes and Rules
Applicants for registration as associated persons of a state registered adviser are subject to the requirements found in Chapter 517, F.S., the Florida Securities and Investor Protection Act, and the administrative rules, Sections 69W-100 through 69W-1000, F.A.C.