Renewal Filings by FCAs OR SCIAs
While all licenses expire on December 31 of every year, firms filing their renewal on IARD must meet an additional deadline that is in advance of the expiration date. Please go to the FINRA website for further information about the IARD process.
Filers must renew their licenses or notice filings before the end of every calendar year. All renewals must be done on IARD. The renewal fee is $250.00. The renewal season typically begins in mid-October of each year. Filers are encouraged to consult the IARD website for renewal information at that time.
If an SCIA has its principal place of business, e.g., headquarters office, in the District of Columbia and has custody* of one or more clients' accounts, the SCIA must file with the Securities Bureau, DISB, an audited annual financial statement on either a calendar or other fiscal year basis. The annual audited financial statement must be audited by an independent public accountant or an independent certified public accountant, and must contain the information required by Rule 178.1. The report shall be filed not more than 90 days following the end of the investment adviser's fiscal year. Please see Law Available Online for links to the DC Securities Act of 2000 and the implementing regulations.
If an SCIA has its principal place of business, e.g., headquarters office, in the District of Columbia and has custody of a one or more clients' accounts, the firm must maintain a minimum net capital of $25,000**. If at any time the SCIA's net capital falls below $25,000, the SCIA must notify DISB in writing by the close of the next business day. See Rules 179.3 and 179.4. Please see Law Available Online for links to the DC Securities Act of 2000 and the implementing regulations.
*A SCIA firm may have custody if an adviser: is paid automatically from client funds upon presentation of a bill to the custodian of the client's account; serves as general partner of a partnership in which clients are solicited to invest; or collects, six-months in advance of services rendered, more than $500. See Rule 178 regarding financial statements and report when an investment adviser has custody of clients' accounts.
**A SCIA may be required to post a surety bond of $10,000. Please call DISB for further information at (202) 442-4934.