STATE REGISTERED INVESTMENT ADVISER PACKET
REQUIREMENTS AND FEES:
- Complete Form ADV Part 1 and Part 2 online and pay filing fees through FINRA-IARD.
- The filing fees are: $300 for investment adviser firm registration, $50 for each investment adviser representative/designated principal registration.
- Most recent financial statements. Investment advisers, who will not have custody of customers’ funds or securities, may submit unaudited statements (dated no more than ninety (90) days prior to filing date). The filing date is the date the registration package is received by the Division.
- Investment Advisers who have custody of customers’ funds or securities are required to provide a bond. A Securities Licensee’s Blanket Bond, New Mexico Form BD-2 (Rev 11/98) is attached, if applicable.
- List, if applicable, all branch offices in New Mexico with the name, CRD number and qualifications of the designated principal.
- Submit completed Form U4 for the designated principal In New Mexico (must have S24 exam) to IARD and provide the Division with the name and CRD number of the individual. There shall be at all times at least one designated principal at the main office as well as each branch office.
- Copy of the Investment Advisor’s Agreement.
- List all investment adviser representatives to be registered in New Mexico. Submit a completed Form U4 for each individual to IARD.
- Every investment adviser shall maintain a net worth of not less than $5,000 dollars, but if you have discretionary authority the net worth requirement is $10,000.
Each Investment adviser representative and designated principal must have successfully passed, within the last two (2) years, the Series 65 examination; or the Series 66 examination and Series 6 or 7. The designated principal in addition to having the examinations above must also have the Series 24. In lieu of the examinations the Division will accept the following designations:
||Certified Financial Analyst|
||Chartered Investment Counselor Certification|
||Certified Financial Planner|
||Chartered Financial Consultant Certification|
||Certified Public Accountant with a Personal Financial Specialist designation|
If examinations were not passed within two (2) years prior to application, applicants must have been licensed as investment advisers or investment adviser representatives within the last two (2) years under the laws of another state requiring such examinations.
SEND FORMS TO:
New Mexico Securities Division
PO Box 25101
Santa Fe, NM 87505
Forms, study outlines and information regarding examinations may be obtained from:
P. O. Box 9401
Gaithersburg, MD 20898
IARD information may be obtained from the FINRA Gateway Call Center, (240) 386-4848, or from their website, www.IARD.com.
- Prior to December 1th send renewal fees to FINRA (fees are the same as initial fees).
- Completed Form ADV-E if you have custody of client funds.
- Audited Financial Statement sent to New Mexico Securities Division. NOTE: Investment Advisers who DO NOT have custody of client’s funds or securities may file unaudited financial statements and form ADV-E is not required.
- Update ADV Part 2 online through IARD.
- Updated financial statements.
Pursuant to Section 58-13C-408 of the New Mexico Uniform Securities Act, every registered investment adviser shall promptly notify the New Mexico Securities Division of the termination of employment by any registered investment adviser representative. A complete Form U5 should be submitted to the Division.
(Revised January 2014)