Federal Covered Advisers: Firm
Federal covered advisers are defined as investment advisers with more than $100 million in assets under management. Generally, investment advisers are persons who receive 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 federal covered adviser shall engage in business from offices in this state, or render investment advice to persons of this state, unless the federal covered adviser has made a notice-filing with the Office of Financial Regulation (OFR) pursuant to Section 517.1201, Florida Statutes. (F.S.)
Notice-Filing Requirements
Exemptions from Notice-Filing 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.
Notice-Filing Requirements
Federal Covered Advisers must be registered with the U.S. Securities and Exchange Commission (SEC) and notice-filed in the state jurisdiction where the adviser conducts business. Contact the SEC for information related to federal registration.
The Florida Division of Securities participates in the Investment Adviser Registration Depository (IARD) system for the purpose of receiving notice-filings for federal covered advisers. This online system enables federal covered advisers to notice-file in all desired states via a single electronic form.
All investment advisers shall file the documents and fees prescribed in Section 517.1201, F.S., and Rule 69W-600.0017, 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 notice-filer 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
Financial statements for federal covered advisers are NOT required to be filed with the OFR.
Renewal Fees
Renewal fees for all federal covered advisers shall be paid through the IARD system in accordance with FINRA guidelines. It is incumbent upon the notice-filer, not the OFR, to ensure that the renewal payment is submitted timely. The renewal fee is $200 for each firm.
Notice-filers should refer to Sections 517.12(11) and 517.1201, F.S., and Rule 69W-600.0017, F.A.C., for additional guidance. Renewal payments for associated persons shall also be made through the CRD.
Notice-filings expire at the end of each calendar year and must be renewed timely for the notice-filer 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
Notice-filers for federal covered investment advisers 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.