Investment Adviser Registration Requirements

 

The state of Arizona provides additional information here.

To get started registering an investment advisory firm in Arizona, the following is required:

1. Form ADV Parts 1 and 2 submitted through FINRA IARD.
2. Affidavit of Adviser Activity in Arizona. 
3. $250 fee submitted through FINRA IARD. 
4. Audited Balance sheet (if required). 
5. Confirmation of written advisory agreement. 
6. Additonal requirements for sole proprietors:

• Fingerprint card and $22.00 processing fee filed with the Securities Division, if fingerprints are not on file with the Division, CRD, or IARD.
• Satisfaction of written examination requirement.
• Proof of lawful presence for Arizona residents and non-Arizona residents who do not have an equivalent license issued by another state.

Arizona Examination Requirements

You may satisfy the examination requirements by either passing the listed examinations, or holding in good standing one of the listed professional designations

If you plan to satisfy the requirements by passing the listed examinations, please be advised there is a TIME component with regard to passage of the required examinations. If you passed your examination(s) more than 12 months before applying for licensure, you must retake the examination(s).

If you passed your examination(s) more than 12 months before applying for licensure and the Division can verify that within the two years preceding your application date you were licensed in Arizona or another jurisdiction as an investment adviser representative or sole proprietor, you will not have to retake the examination(s).  See A.A.C. R14-6-204(D).

Option 1: Take and pass the exam(s) after December 31, 1999

Provide proof of successful completion of either (a) or (b):

• (a) Series 65 exam, or
• (b) Series 66 exam and the Series 7* or Series 2 exam.

*The Series 1 exam, if successfully completed prior to May 1975, will be accepted in lieu of the Series 7 exam.

Option 2: Take and pass exams prior to December 31, 1999

Provide proof of successful completion of either (a) or (b):

• (a) Series 65 exam with a passing score of 72 and Series 7*; or
• (b) Series 66 exam and the Series 7* or Series 2 exam.

*The Series 1 exam, if successfully completed prior to May 1975, will be accepted in lieu of the Series 7 exam.

Option 3: Hold an approved professional designation in good standing

In lieu of satisfying options 1 or 2 above, an applicant may demonstrate they currently hold any one  of the following professional designations and is currently in good standing with the associated organization:

• (a) Certified Financial Planner (CFP)
• (b) Chartered Financial Analyst (CFA)
• (c) Chartered Financial Consultant (ChFC)
• (d) Chartered Investment Counselor (CIC)
• (e) Personal Financial Specialist (PFS)

 

Initial Registration

• File Form ADV Parts 1 and 2 electronically through the IARD system.
• Ensure that at least one member listed on Form ADV Part 1 - Schedule A complies with the state’s examination requirements.
• Pay filing fee of $250.00. Fees are paid through IARD system.
• Submit any other information requested by the state’s Securities Division.

 

For SEC Notice Filing

• • • • • • • • • • • • Form ADV Part 1 submitted through FINRA IARD. 
                      • $250 fee submitted through FINRA IARD. 

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