Make Sure You Properly Renew Your Investment Adviser Firm and Representative Registrations

November 09, 2011

Investment adviser firms and investment adviser representatives must maintain active registrations and/or notice filing statuses with applicable jurisdictions/states. Investment advisers should be aware that renewing registrations includes paying all applicable renewal fees by December 12, 2011. Unless properly renewed, all investment adviser firm and representative registrations will expire on December 31st of each calendar year. Failure to maintain active registration or failing to properly renew registration may be detrimental to an investment advisor firm.  Investment adviser firms and investment adviser representative that are not properly renewed may become ineligible to conduct business affected jurisdictions effective January 1, 2012.  Additionally, certain regulators may assess fines against those firms or representatives that fail to properly renew.

Most jurisdictions participate in the IARD Automatic Failure to Renew Program.  If your investment adviser firm or representatives are registered or noticed filed in a jurisdiction that participates in the IARD Automatic Failure to Renew Program, your jurisdiction has authorized FINRA to automatically terminate your investment adviser firm and investment adviser representative registrations on December 31, 2011 if your IARD account was not funded in full by the Renewal Deadline.  As of September 1, 2011, 44 Jurisdictions are participating in the IARD Automatic Failure to Renew Program.

Beginning November 14, 2011, firms may retrieve their Preliminary Renewal Statements using the IARD/Web CRD system. Your investment adviser’s Preliminary Renewal Statement will reflect the full payment your investment adviser firm must provide to FINRA by Monday, December 12, 2011. Investment adviser firms and representatives with an active “Approve” registration status will have a Preliminary Renewal Statement available.

If you would like help filing any necessary forms to your firm’s IARD account or want to discuss how RIA Compliance Consultants can assist you with your IARD renewals, click here to schedule a time to speak to one of our consultants.

Posted by Bryan Hill
Labels: How to Become RIA, IARD, Investment Advisor Registration, Registration, Renewals