Commissioner’s Release: 114-C – SEC-Registered Investment Adviser Notice Filing Requirements, Instructions & Fees


Each Investment Adviser Representative (“IAR”), as defined in Corporations Code Section 25009.5(b) and SEC Rule 203A-3 (17 CFR 275.203A-3), with a place of business in California is subject to the qualification requirements as prescribed in California Code of Regulations, 10 CCR Section 260.236 and shall be reported as follows:

  1. UPON EMPLOYMENT OR ENGAGEMENT: Reporting of an IAR shall be made by completing Form U-4 in accordance with the form instructions and by filing the Form U-4 with Web IARD in accordance with its procedures, and by paying, for transmission to the Commissioner the $25 reporting fee prescribed by Section 25608.1(d).The filing of Form U-4 with Web IARD does not constitute an automatic “approval” with Web IARD. An IAR “registration” with Web IARD should not be considered approved until approved by the Commissioner and the approval has been received by Web IARD. If requested by the Commissioner, additional information, documentation or details pertaining to the Form U-4 or the IAR’s compliance with the qualification requirements must be filed directly with the Commissioner within 15 days from the date of the request. In accordance with 10 CCR Section 250.16, the Form U-4 may be abandoned if the Commissioner does not receive the requested information within the time prescribed. The Commissioner shall “reject” with Web IARD an abandoned Form U-4.
  2. UPDATES AND AMENDMENTS: Within thirty (30) days of any changes to the information contained in the original Form U-4, an amendment to the Form U-4 shall be filed with Web IARD. If the Form U-4 is being amended due to a disciplinary occurrence, a copy of the amendment shall be filed with the Commissioner upon request.
  3. TERMINATION OF EMPLOYMENT: Within thirty (30) days after the termination of an individual as an IAR, the Uniform Termination Notice for Securities Industry Registration Form (“Form U-5”) shall be filed in accordance with the form instructions with Web IARD. The Form U-5 shall clearly state the reason(s) for termination. However, if an IAR has been terminated for cause, the Form U-5 shall, upon request, be filed directly with the Commissioner.

Any questions and inquiries may be directed to the Sacramento Office of the Department of Financial Protection and Innovation at (916) 576-3638.