Once an investment adviser has submitted all required paperwork and met the general requirements, the appropriate regulator reviews the application. The regulator depends on how the adviser is registered:
Here are the key items the regulator looks for:
If everything is complete and the requirements are met, the adviser’s registration becomes effective. The SEC has a 45-day review period, while the state administrator has a 30-day review period.
As with broker-dealers and agents, an adviser can’t suggest that registration means the regulators have approved or endorsed the adviser.
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