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Can my firm register as an investment advisor without an individual qualified to serve as an investment advisor representative?


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Almost all state securities regulators require a firm registering as an investment advisor to also include at least one individual within such firm to serve as an IAR. In other words, a firm applying to become registered with its home state as an investment advisor must also have an IAR before it the firm’s investment advisor application will be approved by the state securities regulator.

With respect to a firm registering with the SEC as an investment advisor, there is no federal requirement that there be an IAR affiliated with the firm. However, when the investment advisor firm notice files with the firm’s home state, the investment advisor firm’s home state securities regulator will note that there are no individuals registered as an IAR and therefore require the investment advisor firm to register individuals acting as an IAR.

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