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Series 63
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Textbook
1. Introduction
2. Definitions
3. Registration
3.1 Broker-dealers
3.2 Agents
3.3 Investment advisers
3.3.1 State-registered vs. federal-covered
3.3.2 Disclosures & fees
3.3.3 Financial requirements
3.3.4 Effective registration
3.3.5 Post-registration obligations
3.3.6 Exemptions & exclusions
3.4 Investment adviser representatives (IARs)
3.5 Securities
4. Enforcement
5. Ethics
6. Wrapping up
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3.3.4 Effective registration
Achievable Series 63
3. Registration
3.3. Investment advisers

Effective registration

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Once an investment adviser has submitted all the necessary paperwork and complied with general requirements, the state administrator will review their request. Let’s review the important items submitted:

  • Form ADV disclosures
  • Filing fees
  • Consent to service of process
  • Net worth requirements
  • Surety bonds

If “all the boxes are checked,” the administrator will grant effective registration to the investment adviser, typically on the 30th day after filing at noon. Similar to broker-dealers and agents, the adviser may not imply their registration is approval from regulators.

Key points

Effective registration

  • Signifies a financial professional may legally operate in a state
  • Granted after the investment adviser submits:
    • Form ADV disclosures
    • Filing fees
    • Consent to service of process
    • Confirmation meeting minimum net worth
    • Surety bonds (if required)
  • Typically granted on the 30th day after filing at noon
  • Does not relate to approval

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