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:

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