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Initial Notice-Filing of FCAs and Initial Licensing of SCIAs

Notice filing by Federal Covered Advisers (FCAs)

If a federal covered investment adviser (FCA) has a place of business in the District of Columbia, regardless of the number of clients, the FCA must notice file with the Department of Insurance, Securities and Banking (DISB) by submitting a notice filing through the Investment Adviser Registration Depository (IARD). As part of its initial filing through the IARD, the FCA must submit a filing fee of $250.00. Visit the IARD website for detailed guidance and instruction regarding FCA notice filing.

Licensing of State Covered Investment Advisers (SCIAs)

Generally, SCIAs must obtain a District of Columbia Investment Adviser license before transacting business in the District of Columbia. If an SCIA has a place of business in the District of Columbia, the SCIA must have an Investment Adviser license. If, in the past 12 months immediately preceding the filing date, an SCIA that has no place of business in the District of Columbia has had more than five clients who are residents of the District, the SCIA must obtain an Investment Adviser license. In order to obtain a District of Columbia Investment Adviser license, the SCIA must file the application directly with the IARD and submit the $250.00 DISB filing fees directly to the IARD. Please visit the IARD website for detailed guidance and instructions regarding the IARD procedures, the completion of Form ADV, Parts 1A and 1B of the Uniform Application for Investment Adviser license. For instructions regarding electronic filing of the Form ADV, Part 2 with the IARD, along with instructions regarding payment of the filing fee, please refer to the IARD website. An SCIA can obtain a Form ADV from the SEC by calling (202) 942-4040 or visiting www.sec.gov. An SCIA must also register at least one Investment Adviser Representative with the Securities Bureau, unless the firm is organized as a sole proprietorship.

The SCIA must also submit the following documents directly to the DC Department of Insurance, Securities and Banking, Attn: Securities Bureau, 810 First Street, NE, Suite 701, Washington, DC 20002:

  1. Proof of compliance with the examination requirement Rule 160 (18 D.C.M.R. 160);
  2. If the SCIA is organized as a sole proprietorship, a completely executed District of Columbia's Clean Hands form;
  3. A completely executed District of Columbia Adviser Affidavit [PDF];
  4. Form ADV, Part 2 may be filed electronically with the IARD. (See above paragraph.)  To obtain a copy of the forms for filing directly with the Securities Bureau contact NASAA-Industry & Regulatory Resources-Uniform Forms
  5. A financial statement (which may be unaudited), if the SCIA states on the Form ADV that it has custody of clients' funds.