Professional Advisor Registration Requirements
Professional Advisor Registration Requirements
Overview
Investment advisers in the US must be registered either with the SEC or with the state(s) where they operate or qualify for an exemption from registration. Registration requirements can vary among jurisdictions. Advisers are encouraged to conduct their own research regarding registration requirements before submitting new account applications with Interactive Brokers.
For additional information, please see the tabs above.
US Registration
All securities investment advisers in the US must be registered either with the SEC or with the states where they operate unless subject to an exemption from registration. Registration requirements for professional advisors with operations in the US generally are as follows:
SEC Securities Registration
An advisor generally must register with the SEC as an RIA (Registered Investment Advisor) if you:
- Manage > $100 million in assets; or
- Serve as an investment advisor to a registered investment company; or
- If your "principal office or place of business" is in a state without an investment advisor statute or that does not conduct examinations of advisors.
The SEC can be contacted directly at (202)-551-6999 or online at www.sec.gov/divisions/investment/iard/register.shtml
NFA Futures Registration
You may be required to register with the NFA, unless you qualify for an exemption.
State Securities Registration
If you are not eligible to register with the SEC, state law may require you to register in the jurisdiction where you operate. Advisors with more than $25 million AUM or more than a certain number of clients (typically 1 or 6 depending on the state) must register with their state. Advisers are encouraged to conduct their own research regarding registration requirements before submitting new account applications with Interactive Brokers.
The state securities regulators publish information and guidance on their websites. Select your state, province or territory, to find helpful resources, including contact information for state and provincial securities regulators and other resources those agencies provide.