Florida Investment Advisor Firm & Investment Adviser Representative State Registration Requirements

Similar to other states, a firm seeking to register as a state registered investment advisor in Florida is required to file the Form ADV Part 1 and Part 2 along with any applicable schedule or appendix through the Investment Adviser Registration Depository (“IARD”) system and correspondingly pay in advance the registration fees via the IARD system. Additionally, a firm applying for state registration as an investment advisor in Florida is required to send the miscellaneous documents identified below directly to the Florida Office of Regulation Division of Securities. Here is a brief summary of certain requirements of an investment advisor firm registering in Florida.

Registration Fees:

• Initial State Registration of Investment Advisor Firm: $200
• Renewal State Registration of Investment Advisor Firm: $200
• Investment Adviser Representative Registration: $50
• Branch Office Registration: $100

Initial Forms and Information Required to Register:

• Investment Advisor Firm
  • Form ADV;
  • Certificate of Formation/Articles of Incorporation;
  • Balance Sheet dated no more than 90 days prior to the date of application (audited financial if investment advisor firm is deemed to have custody, or unaudited financials with notarized statement prepared in accordance with GAAP if investment advisor firm does not have custody);
  • Designation of qualifying principal;
  • Firm’s tax identification number;
  • Notarized Oath of Affirmation attesting to compliance with state securities regulations;
  • Notarized Oath of Affirmation explaining prior investment adviser activity from the firm and IARs; and
  • Investment advisory client and solicitor agreement(s).
• Investment Adviser Representative
  • Form U4; and
  • Fingerprint Card.

Branch Office Registration

An investment advisor firm registered with Florida is required to register its branch offices in Florida using the Form BR.

Net Capital or Bonding Requirements

If the investment advisor firm has custody, then Florida Division of Securities requires the investment advisor firm to maintain net capital of $25,000. (If fee deduction is only form of custody, then there is no net capital requirement.) If the investment advisor firm does not have custody, then the Florida Securities Division requires the investment advisor to maintain net capital of $2,500 or $5,000 as prescribed by SEC Rule 15c-3.

Custody Requirements

If an investment advisor firm registered in Florida has custody, then the investment advisor firm is to file audited financials including a balance sheet, income statement, auditor’s report, and a statement of shareholder’s equity with the Florida Division of Securities.

Additional Information

Florida Office of Financial Regulation Division of Securities