Frequently Asked Questions
Is there a De Minimus Rule for Investment Advisers?
Yes a person without a place of business in New Mexico, and if during the preceding 12 months does not have more than 5 clients that are residents in New Mexico are not required to register. See 58-13C- 403.B.(2) NMSA.
Do Solicitors have to be registered?
A Solicitor is not required to be registered as an investment adviser or investment adviser representative if the Solicitor either:
- received compensation that consists of a one-time payment only; or
- receives an order of the Director waiving the registration requirement. See 22.214.171.124 NMAC.
Are annual financial statements required for investment advisers?
Yes, financial statements are required annually for all notice filers and state registered investment advisers.
Are Advisers notified in advance of Examinations?
If your firm is to be examined, the Division may either schedule an appointment in advanced or arrive at your place of business unannounced. If advance notice is given, it is typically provided several days prior to the exam with a list of documents to have ready.
What should I expect during an Examination?
During an examination, staff will review books and records to determine compliance with relevant laws and regulations and to detect any potential issues. As part of the examinations process, staff may also interview employees regarding the operations of the investment adviser. See 126.96.36.199 NMAC.