State Registered Investment Adviser

Initial and Renewal Registration for State Registered Investment Adviser

Applications for initial registration or renewal registration by an investment adviser will not be deemed complete until the required fee and all required submissions have been filed with the Vermont Securities Division, (the "Division") and the Investment Adviser Registration Depository (the "IARD"), including any documentation requested by the Division after an initial submission. Failure to complete the application or renewal procedures as set forth below may result in termination of an application or registration. Fees will not be refunded or credited and new fees will be required upon refiling.

 


  • Investment Adviser registrations expire on December 31 of each year. Registration renewals must be filed annually through the CRD/IARD along with payment of the renewal fee of $250.00.
  • Investment adviser branch offices are not filed, amended or renewed via CRD/IARD. Please see "Branch Offices" for further information.
  • All non-CRD/IARD filings must be delivered to the Division at the address listed below.
    •  
    • Rules governing the registration and the regulated activities of investment advisers, federal covered investment advisers and investment adviser representatives in the State of Vermont can be located in Exhibit 6.5 to Order No. 06-43-S.

    • Investment Adviser registration requirement and exemptions may be found at 9 V.S.A. § 5403
    • Each investment adviser must have at least one (1) investment adviser representative registered in Vermont.

    All applications must include:

    1. Part I of Form ADV filed via the Investment Adviser Registration Depository ("IARD")
    2. A non-refundable application fee of $250.00 submitted through the IARD
    3. A completed copy of Part II of Form ADV
    4. A copy of any document that the applicant may use in lieu of Part II of Form ADV.
    5. Sample copies of all client contracts.
    6. Affidavit of Investment Advisory Activity Form.
    7. Investment Adviser Firm Tax Certification Form and Investment Adviser Tax Certification Form. 
    8. If the Investment Adviser will operate from locations within Vermont, other than the Advisers main office, complete the Branch Office Form.  Please note that branch offices are not filed, amended or renewed via the CRD/IARD. For more details please see "Branch Offices"
    9. A certification that includes the name(s) of the designates supervisor and certifies that the applicant has established and shall maintain and enforce written supervisory procedures pursuant to Section 3.04 of Exhibit 6.5 to Order No. 06-43-S.
    10. A copy of the investment advisers privacy policy
    11. A current balance sheet *

      (a)  an investment adviser having custody of client funds, assets or securities must file a current audited 
      balance sheet.*

      (b)  an investment adviser having discretion over, but not custody of, client funds or securities, or requiring 
      payment of fees six or more months in advance and in excess of $500 per client, must file a current
      certified balance sheet.*

      (c)  an investment adviser having neither custody nor discretion is not required to file a balance sheet. *
    12. The Vermont Surety Bond Form, if required*

      (a) an investment adviser having custody as described in Item 11(a) of these instructions must either 
      meet a $35,000 minimum net worth requirement or post a bond in the amount of the net worth
      deficiency, rounded up to the nearest $5,000. *

      b) an investment adviser having discretion as described in Item 10(b) of these instructions must meet a 
      $10,000 minimum net worth requirement or post a bond in the amount of the net worth deficiency, 
      rounded up to the nearest $5,000.*

    * Vermont's balance sheet, net worth and bonding requirements are not applicable to an investment adviser registered or licensed in  a state where it maintains its principal place of business AND is in compliance with such state's requirements.


    All Non-CRD filings may be mailed or delivered to:

    Vermont Department of Financial Regulation
    Securities Division
    89 Main Street
    Montpelier, VT 05620-3101

    Questions concerning a registration or the registration process may be directed to 802-828-3420

    back to top