Initial Filings of Investment Adviser Representatives
A person with a place of business in the District of Columbia who represents a federal covered investment adviser (FCA) or a state covered investment adviser (SCIA) in the District must obtain a license from the Securities Bureau of the Department of Insurance, Securities and Banking (DISB).
Federal Covered Adviser (FCA) & State Covered Investment Adviser (SCIA) Firms
FCAs must obtain an Investment Adviser Representative License for each employee or other person that represents the FCA to residents of the District, and has a place of business in the District of Columbia, regardless of the number of clients.
SCIAs that are licensed in the District of Columbia must obtain an Investment Adviser Representative (IAR) License for each employee or other person that represents the investment adviser to residents of the District.
The Investment Adviser must submit a Form U-4, the Uniform Application for Securities Industry Registration or Transfer, and the initial license application fee of $45 to the Investment Adviser Registration Depository (IARD) for all persons who will act as Representatives of the Investment Adviser in the District. Please visit the IARD website for detailed guidance and instructions regarding electronic filing of Form U-4. To submit Form U-4 and register the investment adviser representative, please visit the IARD website.
There are a number of ways to fulfill the examination requirement of Rule 160 for IARs.
- Evidence of scoring a passing grade of either the Series 65 or the Series 7 and Series 66
- Evidence of being a current member in good standing of an organization that awards any one of the following professional designations: CFP, ChFC, PFS, CFA or CIC
- Waiver by the Securities Bureau, DISB, of the examination requirement of Rule 160 for good cause shown, pursuant to written request, where the individual does not otherwise meet the Rule 160 requirements.
The investment adviser must complete and submit for each of its IARs a Fingerprint Form† and a processing fee to the DISB Securities Lock Box [PDF].
† On behalf of each representative, the Investment Adviser must complete and submit a completed fingerprint form and a one-time $25.00 processing fee (in addition to the $45.00 licensing fee). If the representative resides in the District of Columbia, the Firm can obtain a fingerprint form by going to the Headquarters office of the District of Columbia Metropolitan Police Department (MPDC) at 300 Indiana Avenue, NW, Washington, DC 20001. At the MPD headquarters, the Firm should obtain the fingerprint form that adheres to the form used by the Federal Bureau of Investigation. The Firm will have to pay a separate fee, other than the licensing and processing fees, to process this form at MPD. If the Agent resides in another state, the Firm can obtain the fingerprint form from that state or local police department.