Investment Adviser Registration Requirements

 

The state of Georgia provides additional information here.

Guide to Investment Advisor Registration in Georgia

An investment adviser is any person or firm that for compensation engages in the business of advising others as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who issues or promulgates analyses or reports concerning securities for compensation.  See O.C.G.A. § 10-5-2(17).  Investment Advisers must register electronically through the Investment Adviser Registration Depository (IARD).

The Securities Division of Georgia currently only accepts investment adviser firm registration through the IARD system on the FINRA website.

After your firm pays the registration fee through FINRA, the Georgia Securities Division analyst assigned to the firm’s registration application will contact you.

Form ADV Part 1 and Part 2

Investment Adviser firms must complete their Form ADV, Parts 1 & 2, via the IARD system on the FINRA website. This involves answering questions about your firm on Part 1 and uploading a narrative brochure that you have drafted on Part 2. If a firm needs to make changes to these forms, they must make the changes online through the IARD system. Amended forms will not be accepted by email unless they are a reflection of the firm’s ADV forms on FINRA’s website.

Firms can complete the ADV Part 2 in the PDF format and upload those forms to IARD. The instructions to the narrative ADV Part 2 can be found on the SEC website.

Firms applying for registration status in Georgia must complete Item 19 for each management or owner and the ADV Part 2B Supplemental brochure for each Investment Adviser Representative employed with the firm.

If assistance is needed for anything related to uploading forms to the IARD system, please call the FINRA Gateway Call Center at (240) 386-4848. This call center specializes in registration questions relating to the FINRA website.

Financial Statements

Firms that have custody of client’s funds or securities, or that require payment of more than $500.00 in advisory fees per client six or more months in advance, must submit audited balance sheets.

Firms may be required by the Commissioner to file a financial statement showing the investment adviser’s financial condition as of the most recent practicable date. These financial statements need not be audited.

Investment Advisory Contract

Georgia Rule 590-4-4-.17 discusses their requirements for an investment advisory contract.