Switch In Status: FCIA to State Registration Securities
If your investment adviser firm is currently registered with the U. S. Securities and Exchange Commission as a federally registered investment adviser, and you wish to switch to state registration in 2012, please carefully read the instructions outlined below which detail the process and requirements for switching your firm's registration status.
Step 1. IARD and CRD filings
- On IARD, file an amendment to Form ADV Part 1A, Item 2(13) to reflect the firm is no longer SEC registration eligible. Next, amend Part 1B, Item 1 of Form ADV and check Illinois and any other state in which this entity intends to register to conduct investment advisory business. There is no charge in Illinois for this switch.
- File an amendment on CRD to Form U4 (if not currently registered in Illinois) for each person acting as an investment adviser representative who provides investment advisory services to clients in Illinois. The registration fee for each investment adviser representative is $150. NOTE: A Form ADV Part 2B brochure supplement must be filed for each person to be registered.
Step 2. Submission of documents to the Illinois Securities Department
- Copy of page 1 of the most recent Articles of Incorporation or legal document reflecting the complete legal name of this entity;
- Completed original of Illinois form - Additional Information Required by Section 130.840(a)(7)-(10) of the Rules for Registration as an Investment Adviser
- Completed original of Illinois form - Dual Registration of an Investment Adviser and Salesperson. This form applies only to the investment adviser's designated principal if the individual is also registered as a brokerage salesperson.
- Balance sheet for the entity prepared within the last sixty (60) days and signed by a duly authorized officer. The balance sheet must contain an affirmation that the statement is true and correct. A statement is also required indicating whether the investment adviser retains clients cash or securities, or accepts prepayment of fees in excess of $500.00 per client and six (6) or more months in advance;
- Copy of Schedule D, Item 1F of Form ADV listing all branch offices in Illinois at which investment advisory services are provided. A fee of $20 applies to all Illinois locations. Please make check payable to the Secretary of State.
Mail all Step 2 documents and branch office fees to the address listed below. After all requisite filings have been submitted and determined complete, the Securities Department will change the status of the firm on the IARD system to reflect the status of the firm is now a state registered investment adviser. A confirmation letter affirming this change will be sent to the firm by the Securities Department. NOTE: Prior to the granting of state registration approval in 2012, all switching firm's will be required to have on file a Form ADV-Part 2B for each such person who acts as an investment adviser representative with Illinois clients. Form ADV-Part 2A will be reviewed as filed on the IARD system.
Should you have any questions, please contact:
V. Lynne Bednarko
Investment Adviser Examiner
Illinois Securities Department
421 E. Capitol Ave., 2nd Flr.
Springfield, IL 62701
The Secretary of State, Illinois Securities Department or their information providers shall not be liable regardless of the cause or duration, for any errors, inaccuracies, omissions or untimeliness of the information, or for any delay or interruption in the transmission thereof to the user, or for any claims or losses arising therefrom.