Series 7

AAA

Rules and Regulations - Registering As An Investment Advisor

Registration for IAs is through the SEC, unlike the requirement for RRs (who register through FINRA). According to the Act, the IA must disclose the following:
  • name and form of organization; state or nation of principal office; location of principal branches; names and addresses of partners, officers and directors; and number of employees;

  • education, business affiliations for the past 10 years and present business affiliations of the IA as well as those for partners, officers and directors;

  • nature of business of the IA, including the manner of giving advice and rendering analyses and reports;

  • nature and scope of authority of the IA with respect to clients' funds and accounts;

  • basis of the IA's compensation; and

  • securities-related felony convictions over the past 10 years, as well as whether the prospective IA is under any court order not to provide financial advice.
Unless the SEC actually denies the registration, registration becomes effective when the commission approves it or automatically, 30 days after receipt. Standards for Public Communications
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