Application Requirements for Investment Advisers

{Ala. Code § 8-6-3, and Commission Rule 830-X-3}

REGISTRATION OF INVESTMENT ADVISERS (State Registrants) IA Essential Information

  1. Filing fee: $250.00 through electronic filing, Investment Adviser Registration Depository (IARD)

  2. File electronically – Form ADV through Investment Adviser Registration Depository, (IARD).  Please refer to FINRA ( for all applicable systems fees.
    The following documents shall be submitted directly to the Alabama Securities Commission:
  3. Copies of the applicant’s client agreement forms. (Contract / Agreement Guidelines)
  4. Balance sheet prepared in accordance with GAAP, dated not more than 90 days prior to filing of application. All investment advisers must maintain a minimum net capital of $10,000.00 or post a $50,000.00 surety bond.
  5. Attached to balance sheet: oath by duly authorized officer stating that such statement is true and correct to the best of their knowledge, information, and belief.
  6. A statement regarding whether the firm maintains custody and/or discretionary authority should be provided.
  7. A surety bond in the amount of $50,000.00 on Form U-SB, payable to the State of Alabama if:
    1. The investment adviser maintains custody of client funds or securities; or
    2. The investment adviser has discretionary authority over customer accounts; or
    3. The investments adviser does not maintain the minimum net capital of $10,000.00.
  8. If the applicant is an out-of-state corporation:
    • An undertaking or affidavit as to whether the applicant has branch offices or representatives residing in Alabama.
    • A certificate to do business as a foreign corporation is required if the applicant has branch offices or representatives residing in this state. This certificate is available through the Alabama Secretary of State’s office, (334) 242-5324
  9. Copies of applicant’s brochure if clients will receive a brochure in addition to or instead of Part II of Form ADV
  10. An undertaking or affidavit stating the number and type, if any, of Alabama clients.
  11. Submission of Forms U-4 through the IARD System for all investment adviser representatives doing business in Alabama.
  12. List of all representatives who will be conducting business in Alabama.