Category Archives: Minnesota Investment Advisor
 

Minnesota Investment Adviser Representatives Required to Register

November 20, 2013

As we have discussed in previous articles, effective August 31, 2013, Minnesota law requires registration for investment adviser representatives.  An Order dated October 31, 2013, has been issued by the Minnesota Department of Commerce regarding the “Implementation of Registration Process for Investment Adviser Representatives.”  According to this Order, the initial registration period in Minnesota for investment adviser representatives is November 1, 2013 through January 31, 2014.  Under Minnesota law, the application for initial registration as an investment adviser representative is made by completing Form U4 and filing the Form U4 with the IARD.  The application for initial registration must also include proof of compliance by the investment adviser representative with the following examination requirements:

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Minnesota Investment Adviser Representative Registration Requirements

August 28, 2013

As we previously indicated in an article on June 28, 2013, Minnesota will soon begin requiring registration for investment adviser representatives located or conducting business in Minnesota.  In order to register investment adviser representatives, investment advisers will have to file a Form U4 through Web CRD/IARD system. Investment adviser representatives will be required to meet the examination requirements defined in the law, the Series 65 examination or the Series 7 and Series 66 examinations, prior to being registered. The new law was effective August 1, 2013.

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Minnesota will begin Requiring Investment Adviser Representative (IAR) Registration

June 28, 2013

The Minnesota Department of Commerce – Securities Unit recently announced that during the last legislative session a bill was passed that has now been signed into law, resulting in changes to investment adviser representative (“IAR”) registration requirements.  One of the significant changes that will likely impact many federally and state registered investment advisers, located or conducting business in Minnesota, is the requirement to register investment adviser representatives through the Web CRD/IARD system.  Prior to this recent legislation, Minnesota did not have registration requirements for investment adviser representatives.  However, Minnesota Statute 80A.58 Section 403(a) has now been revised to state, “It is unlawful for a person to transact business in this state as an investment adviser or investment adviser representative unless the person is registered under this chapter or is exempt from registration. . . .”

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