Florida Investment Adviser Firm & Investment Adviser Representative State Registration Requirements

Similar to other states, a firm seeking to register as a state registered investment advisor in Florida is required to file the Form ADV Part 1 and Part 2 along with any applicable schedule or appendix through the Investment Adviser Registration Depository (“IARD”) system and correspondingly pay in advance the registration fees via the IARD system. Additionally, a firm applying for state registration as an investment advisor in Florida is required to send the miscellaneous documents identified below directly to the Florida Office of Financial Regulation Division of Securities. Here is a brief summary of certain requirements of an investment advisor firm registering in Florida.

Registration Fees:

• • Initial State Registration of Investment Advisor Firm: $200
• • Renewal State Registration of Investment Advisor Firm: $200
• • Investment Adviser Representative Registration: $50
• • Renewal Investment Adviser Representantive Registration: $50
• • Branch Office Notice File: $100
• • Renewal Branch Office Notice File: $100

Initial Forms and Information Required to Register:

• • Investment Advisor Firm
  • • Form ADV;
  • • Articles of Incorporation/Partnership Agreement/Articles of Organization and Amendments;
  • • Balance Sheet prepared in accordance with GAAP dated no more than 90 days prior to the date of application (audited financials with accountant’s opinion and notes if investment advisor firm is deemed to have custody, or unaudited financials with a notarized oath or affirmation if the investment adviser does not have custody or its only form of custody is direct fee deduction);
  • • Designation of at least one qualifying principal (name and CRD or social security number);
  • • Firm’s tax identification number;
  • • Statement attesting to firm’s knowledge and review of the Florida Securities and Investor Protection Act;
  • • Oath of Affirmation from the firm attesting that no prior investment adviser activity has been conducted in or from Florida or explanation of prior investment adviser activity; and
  • • Investment advisory client and custodial agreement(s).
• • Investment Adviser Representative
  • • Form U4;
  • • Fingerprints submitted through a Live Scan vendor;
  • • Oath of affirmation from the IARs attesting that no prior investment adviser activity has been conducted in or from Florida or an explanation of prior investment adviser activity; and
  • • Statement attesting to the IAR’s knowledge and review of the Florida Securities and Investor Protection Act.
• • Direct and Indirect Owners or Control Person
  
  • • Fingerprints submitted through a Live Scan vendor

Branch Office Registration

An investment advisor firm registered with Florida is required to notice file its branch offices in Florida using the Form BR. The person-in-charge of the branch office must be registered as an investment adviser representative.

Net Capital or Bonding Requirements

If the investment advisor firm has custody, then Florida Division of Securities requires the investment advisor firm to maintain net capital of $25,000. If fee deduction is the only form of custody, the net capital requirement is $2,500.

Custody Requirements

If an investment advisor firm registered in Florida has custody, then the investment advisor firm is to file GAAP compliant audited financials including a balance sheet, income statement, auditor’s report, and a statement of shareholder’s equity with the Florida Division of Securities.

Additional Information

https://flofr.gov/sitePages/DivisionOfSecurities.htm