Investment Adviser License

About

An investment adviser license is required for a person (business or company) that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. The term includes a financial planner or other person that, as an integral component of other financially related services, provides investment advice to others for compensation as part of a business or that holds itself out as providing investment advice to others for compensation. Investment advisers engage in such conduct through investment adviser representatives.

Code Citation Iowa Code Section 502.403

Who Applies See the above description.

When To Apply Initial applications will be processed throughout the year upon receipt. Part I & 2 of Form ADV and fees should be filed with the IARD (Investment Adviser Registration Depository) system of FINRA (Financial Industry Regulatory Authority). Since all licenses expire on December 31, licensed persons are required to renew their licenses at the end of the year. Persons seeking to renew their licenses for the coming calendar year will receive renewal information from the IARD system. This will include a request for updated information and a fee. Information as to the IARD system is available at www.iard.com.

Initial Requirements Investment advisers having management of assets over $100,000,000 should contact the Federal Securities and Exchange Commission for registration. Iowa licensed Investment Advisers operating outside of Iowa should also contact the securities regulators in those states as to their licensing requirements. All others are required to file through the IARD (Investment Adviser Registration Depository) system of FINRA (Financial Industry Regulatory Authority).

Duration All licenses expire on December 31 of each year, regardless of the date of issue.

Processing Time If the application is complete, licenses are generally issued within two weeks.

Fee Structure Application: $100 for a state covered investment adviser. Notice Filing: $100 for a federally covered investment adviser who has more than five non-institutional customers in Iowa.

Renewal Requirements Pay renewal fee of $100 through the IARD system.

Exam Does not pertain.

Additional Information https://iid.iowa.gov/investment-advisers