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Are there state securities regulators that do not require filing a Form U4 for registration of an Investment Adviser Representative?


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Yes, there are a few states such as New York and Wyoming that do not register individuals as investment adviser representatives and therefore do not require the filing of the Form U4. However, these state securities regulator may have an alternative requirements/filings related to minimum qualifications and designation of supervisors. For example, the New York Investor Protection Bureau requires an investment adviser representative of a state registered firm in New York to file the NY – IAQ. An investment advisor firm should consult the particular investment adviser representative rules of the securities regulator(s) in any state where the representative will conduct business.

However, as of December 2020 New York Adopted an Investment Adviser Representative Registration Rule. Please click the following link to learn more about New York’s adopted rule https://www.ria-compliance-consultants.com/2020/12/new-york-new-rule-requiring-iar-licensing/.

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