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Investment Adviser and Investment Adviser Representative Licensing

What's New

Notice Regarding Restrictions on Advertisement of the Five Star Wealth Manager Awards
The Division of Securities has determined that advertisement of the Five Star Wealth Manager: Best in Client Satisfaction award is prohibited, and advertisement of the Five Star Wealth Manager award is restricted.

Notice Regarding Advertisement of the Five Star Wealth Manager Awards (PDF)*
Fiscal Year End Reporting - Due March 31, 2013
The final stage of the annual renewal process is your fiscal year end filings that must be completed within 90 days after your fiscal year end. If your fiscal year end is December 31, your filing requirements will be due March 31, 2013.

Annual Filing Reminder Letter to Investment Advisers (PDF)*
Fiscal Year End Report Form (PDF)*
Investment Adviser Renewal Presentation
Renewal season is here. View the presentation linked below for more information on the renewal process and important deadlines.

2013 Investment Adviser Renewal Presentation (PDF)*
Investment Adviser Renewal Notice for 2013
On October 22, 2012, the Division of Securities issued a notice to investment advisers regarding their renewal for 2013. The annual renewal fees for investment advisers and their representatives must be paid to the Investment Adviser Registration Depository ("IARD") by December 13, 2012.

Investment Adviser Renewal Notice (PDF)*
New Laws Concerning the Financial Exploitation of Vulnerable Adults
In 2010, the Washington State Legislature passed laws concerning the financial exploitation of vulnerable adults that apply to broker-dealers and investment advisers.

More Information About the New Laws
Notice To Hedge Fund Managers - Partnership and LLC Agreements
Regarding the use of Partnership and LLC Agreements to satisfy the written investment advisory contract requirement. View Notice (PDF)*
Notice To Hedge Fund Managers - Registration with the State of Washington
The Securities Division requires that any hedge fund manager with a place of business in Washington that receives compensation for managing a fund containing securities be registered as an investment adviser with the State of Washington, unless the manager is registered with the SEC, excepted from the definition of investment adviser under RCW 21.20.005, or exempted from registration under RCW 21.20 040.1. View Notice (PDF)*

Information for Investors

Investment advisers and their representatives operating in Washington (with certain exceptions) are required to be licensed with the Securities Division. Persons who provide investment portfolio management for their clients or who hold themselves out to the public as financial planners are among those required to be licensed. The Division reviews investment adviser applications for the qualifications of their principals and their disciplinary history, and the adequacy of the disclosure they are required to provide to clients. Applications received for representative licensing are reviewed for disciplinary history and to ensure that appropriate examinations have been passed or designations held.

To check to see whether an investment adviser or investment adviser representative is registered with the Securities Division or has any disciplinary history, please contact IALicensing@dfi.wa.gov or call 360-902-8815.

The Securities and Exchange Commission and the North American Securities Administrators Association (NASAA) have a new website that allows investors to electronically access information about money managers, financial planners and other investment advisers. The Investment Adviser Public Disclosure (IAPD) website provides instant access to registration documents filed by more than 9,000 registered investment advisers. The documents provide information about each adviser’s business, advisory services and fees, as well as disciplinary problems an adviser or its employees may have had during the last ten years.

Information for Applicants

All applicants, whether for state registration or federal notice filing status, must file over the Internet through the Investment Adviser Registration Depository (IARD). In addition, applicants for state registration must file additional documents directly with the Securities Division. Please see the links below for more specific information.

Applicants for investment adviser representative registration must apply via an electronic Form U-4 on the IARD system, submitted by their firm.

Renewal of investment adviser and investment adviser representative registrations takes place through the IARD system after the first weekend in November. Renewal information can be accessed at http://www.iard.com.

A list of companies that provide study materials for FINRA examinations can be found on the website of the North American Securities Administrators Association. Click on "Exams" from the drop-down menu at the top of the page.

Forms and Resources

Notice Filing Requirements for Federally Covered Investment Advisers

Registration and Regulation of State-Registered Investment Advisers

Investment Adviser Registration Check Sheet

Privacy Notices to Be Sent to Clients (PDF)*

Forms

How to apply for a FINRA Examination

Selected Statutory Provisions and Rules

Hedge Fund Manager Registration Notice (PDF)*