California Requires Paper U4 for Officers of State Registered Firms not also licensed as Advisor Representatives

September 28, 2006

The California Department of Corporations requires a Form U4 for each officer, director, partner and each person who owns 10% or more of an investment advisor firm registered directly with the State of California. Typically, state regulators require a Form U4 for only those individuals that serve as an investment advisor representative of the firm. California is taking an additional step and requiring a Paper Form U4 for Executive Officers and Owners of advisor firms, as reported on Form ADV Schedule A or B, that do not act as investment advisor representatives. If an individual’s Form U4 is on file with the Web CRD system, a paper Form U4 is not required.

If you have questions regarding your states’ licensing requirements or would like guidance regarding who should be licensed within your firm, please give us a call.

Posted by Bryan Hill
Labels: Form U4