The State of New York’s new investment adviser representative (“IAR”) registration requirements are now effective. Prior February 1, 2021, New York remained the final state that did not require investment adviser representatives to be licensed with the state securities regulator by filing the Form U4. Adopted in December 2020, the rule changes now require the registration of investment adviser representatives – including principals, supervisors and solicitors for registered investment adviser firms – by filing the Form U4 via the WebCRD/IARD system. Registration is required for investment adviser representatives of New York state registered investment adviser firms, as well as for investment adviser representatives of SEC-registered investment adviser firms, if the investment adviser representative conducts advisory activities from a place of business in New York.

While new investment adviser representatives in New York must register via Form U4 beginning February 1, 2021, the state has implemented a transitional period for existing investment adviser representatives in New York who need to come into compliance with the new licensing requirement. Individuals who were acting as investment adviser representatives (prior to February 1, 2021) will have until December 2, 2021 to comply with the registration requirement and may seek a waiver of the examination requirement under certain circumstances. However, existing investment adviser representatives must submit a Form U4 requesting investment adviser representative registration in New York on or before August 31, 2021. (Please refer to New York’s final adopted rule for more details.)

For more information on the new investment adviser representative registration requirement in New York, including who must register, deadlines, examination requirements and waivers, and how to register, click here.

Additional Resources

To read New York’s final adopted rule on investment adviser representative registration, click here.

To view New York’s step-by-step guidance for registering new investment adviser representatives, existing investment adviser representatives, and solicitors, click here. If needed, the new Form NY-IASW is available here.

To view New York’s instructions for mass IAR registration (for investment adviser firms registering more than 20 IARs), click here. Investment advisers utilizing the mass registration process must also submit an attestation, available here.

New York Investor Protection Bureau – Investment Adviser FAQs (Pending updates, as of February 7, 2021)

Sample Forms

Sample Compliance Manual Section – IAR Licensing in New York

Proposed Rule to License New York Investment Adviser Representatives – April 15, 2020

New York Investment Advisor Firm & Investment Adviser Representative State Registration Requirements

Form U4 FAQs