Investment Adviser Representatives Securities
Registration as an investment adviser representative is accomplished through the filing of an initial or amended Uniform Application for Securities Industry Registration (Form U4) on the Central Registration Depository (CRD) system by the employing state-registered or federal-covered investment adviser. Payment of the required registration fee for each investment adviser representative and proof of passage of the required examinations or attainment of an accepted professional designation also is required.
- Please refer to the Administrative Rules (Section 130.843) of the Illinois Securities Law of 1953 for investment adviser representative examination and professional designation requirements.
- Any changes that render material information on the investment adviser representative’s application inaccurate must be corrected by filing an amendment to Form U4 on the CRD system within 10 business days after the change occurs.
An investment adviser representative is a person employed by a state-registered or federal-covered investment adviser who makes any recommendations or otherwise renders advice regarding securities; manages accounts or portfolios of clients; determines what recommendations or advice regarding securities should be given; or supervises any employee who performs any of the foregoing.
Investment adviser representatives (with limited exceptions) are required to be registered in Illinois when doing business within the state. Be certain before selecting an investment adviser representative that the individual is properly registered. In order to become registered with the Illinois Securities Department, investment adviser representatives must show proof of passage of the required qualifying examinations, or have attained an accepted professional designation. Be aware that the use of some designations, such as “ Certified Senior Advisor,” does not qualify a person to provide investment advice under Illinois law.
The Illinois Securities Department offers free information to consumers to assist in reviewing the qualifications of an investment adviser representative. To obtain a copy of a Central Registration Depository (CRD) report concerning an investment adviser representative, please call the Securities Department at 800-628-7937, or email your request to the Securities Department at firstname.lastname@example.org. The report provides information concerning the investment adviser representative’s employment history, securities examinations the representative has passed, licensing or registration status in Illinois or other applicable states and disciplinary history. When requesting information about an individual, please be sure to include the individual’s first and last name, name of the investment adviser firm where the individual is employed, and address where the individual conducts business. Please include your fax number or postal address for mailing of the requested report. Please also refer to the Consumer Information sections for additional assistance.
Fees for Investment Adviser Representatives
- State-Registered Investment Adviser Representative Registration and Renewal Fee – $150
- Federal-Covered Investment Adviser Representative Registration and Renewal Fee – $150
This information is provided from data maintained on the Investment Adviser Registration Depository (IARD). The U.S. Securities and Exchange Commission (SEC) maintains a Web site called “Investment Adviser Public Disclosure,” which draws upon information maintained in the IARD system. The SEC Web site provides a look at the Form ADV for each investment adviser. Form ADV is the common application form submitted by all investment advisers, which discloses information concerning the adviser’s ownership, states in which it is registered, the amount of assets under management, disciplinary information, and other detailed information for each investment adviser.
The Secretary of State, Illinois Securities Department or their information providers shall not be liable regardless of the cause or duration, for any errors, inaccuracies, omissions or untimeliness of the information, or for any delay or interruption in the transmission thereof to the user, or for any claims or losses arising therefrom.