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Filing Requirements

  1. Part 1 and Part 2 of the most recent SEC Form ADV filed through the Investment Adviser Registration Depository (IARD)
  2. A filing fee of $100 paid through the IARD.
  3. The notice filing will be effective from receipt until the following December 31.
  4. A renewal fee of $100 paid through the IARD.
  5. North Dakota does not require the submission of annual financial statements.
     

Exemption

The following federal covered investment advisers are not required to comply with the notice filing requirement:

  1. A federal covered investment adviser without a place of business in this state if its only clients are:
    • Federal covered investment advisers, investment advisers registered, and broker-dealers registered;
    • Institutional investors; or
    • Bona fide preexisting clients whose principal places of residence are not in this state.
  2. A federal covered investment adviser without a place of business in this state if the person has had, during the preceding twelve months, not more than five clients that are residents in this state in addition to those specified under paragraph 1
     

Policy Statement for Qualification Exams

Effective Date - September 1, 2001

  1. Current Exam Requirements. A sole proprietor investment adviser or an individual representing an investment adviser or federal covered adviser seeking registration as an investment adviser representative must have a passing score on the following examinations:

    • Series 65 - Uniform Investment Adviser Law Exam (as modified on January 1, 2000), a North American Securities Administrators Association (NASAA) exam administered by FINRA;  or

    • Securities Industry Essentials (SIE) Exam;   Series 7 - General Securities Representative Exam (as revised on October 1, 2018), and Series 66 - Uniform Combined State Law Exam (as modified on January 1, 2000). 
       

  2. Grandfathering Provisions.

    • Any individual who is currently registered as an investment adviser or an investment adviser representative in any jurisdiction in the United States on the effective date of this policy shall not be required to satisfy the examination requirements for continued registration, except that the Commissioner may require additional examinations for any individual found to have violated any state or federal securities or investment advisory law.

    • An individual who has not been registered as an investment adviser or an investment adviser representative in any jurisdiction for a period of two years shall be required to comply with the examination requirements set forth in paragraph 1.
       

  3. Automatic Waiver. The examination requirements shall not apply to an individual who provides proof to the Commissioner that he or she currently holds one of the following professional designations awarded by and in good standing with the applicable organization:

    • Certified Financial Planner (CFP) awarded by the International Board on Policy for Certified Financial Planners, Inc.;

    • Chartered Financial Consultant (ChFC) awarded by the American College, Bryn Mawr Pennsylvania;

    • Personal Financial Specialist (PFS) awarded by the American Institute of Certified Public Accountants;

    • Chartered Financial Analyst (CFA) awarded by the Institute of Chartered Financial Analysts;

    • Chartered Investment Counselor (CIC) awarded by the Investment Counsel Association of America.


Helpful Links

  • Investment Advisor Registration Depository (IARD) is an electronic filing system that facilitates investment adviser registration, exempt reporting adviser filing, regulatory review, and the public disclosure information of registered investment adviser firms and individuals. 
  • Form ADV is the uniform form used by investment advisers to register with both the SEC and state securities authorities. The form consists of two parts, both of which are available to the public on the SEC’s Investment Adviser Public Disclosure (IAPD) website.
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For Assistance Contact:

Cody Schmidt, Examiner / Investigator, Email Cody

Phone: (701) 328-4703; ND Toll Free: (800) 297-5124