New York 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 New York 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 New York is required to send the miscellaneous documents identified below directly to the New York Protection Bureau. Here is a brief summary of certain requirements of an investment advisor firm registering in New York.

State of New York’s Registration Fees:

  • Initial State Registration of Investment Advisor Firm: $200
  • Renewal State Registration of Investment Advisor Firm: $200
  • Investment Adviser Representative Registration: $0

Forms and Information Required to Register:

  • Investment Advisor Firm
    • Coversheet;
    • Form ADV;
    • Investment Advisor Qualification (if necessary); and
    • Income statement and balance sheet as of the close of its last fiscal or calendar year as prepared by the investment advisor’s accountant or by management. Where the financial statements submitted are more than ninety (90) days old, an interim balance sheet no more than ninety (90) days old shall also be submitted. (Affix the following language to each financial statement: “I do hereby certify that this is a true and complete financial statement” followed by an authorized signature or attach a CPA’s Audit report.)
  • Investment Adviser Representative
    • The State of New York does not register investment advisor representatives (also known as “IARs”). Investment adviser representatives of New York state registered investment advisor firms must file the NY-IAQ with the New York Investor Protection Bureau. The New York Investor Protection Bureau does not require the filing of the Form U4. Investment adviser representatives of SEC registered investment advisor firms do not need to file the NY-IAQ with the New York Investor Protection Bureau.

Net Capital or Bonding Requirements

There is currently no explicit net capital or bonding requirement for an investment advisor firm registered with the State of New York.

Custody Requirements

If the only form of custody by the New York registered investment advisor firm is fee deduction from client accounts, the additional requirements of the investment advisor firm are the following:

  • Journal or other record showing all purchases, sales, receipts and deliveries of securities (including certificate numbers) for such accounts and all other debits and credits to such accounts;
  • Separate ledger account for each client showing all purchases, sales, receipts and deliveries of securities, the date and price of each such purchase and sale, and all debits and credits;
  • Copies of confirmations of all transactions effected by or for the account of any such client;
  • A record for each security in which any client has a position showing the name of each client having any interest in each security, the amount or interest of each such client, and the location of each security; and
  • An invoice to the custodian and an invoice to the client

Additional Information

Investment Advisor Regulations from the New York Investor Protection Bureau

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The information listed above regarding New York investment advisor registration is being provided for your convenience and is not intended as advice by RIA Compliance Consultants, Inc. Your use of or reliance upon this information does not create a consulting engagement with RIA Compliance Consultants.

Please understand that RIA Compliance Consultants does not guarantee the accuracy of the New York investment advisor registration requirements listed above. This information may not be current, and there may be additional New York investment advisor registration requirements which are not identified above. A prospective or existing New York registered investment advisor should review in detail the published investment advisor rules of New York Investor Protection Bureau.

The information on this website page is not intended to be an all-inclusive analysis of the state investment advisor registration requirements of New York. This website page is not intended as a substitute for and should not be considered the equivalent of consulting with investment advisor compliance professional.