Resources

IA Checklist

Missouri Investment Adviser Application Checklist

Missouri Securities Division Audit Unit Information

IA Switch Pre-Registration Exam Report

IA Switch Final Report

Presentation on IA Switch Issues

No Action Letter

No-Action Determination Concerning Private Fund Advisers

IA Switch Letter to IA Firms

December 2011 Letter to Switching Investment Advisers

Pension Administrators No-Action Letter

No-Action Determination on Pending Application at Switch Deadline


Frequently Asked Questions "FAQs"

 

How do I register as an investment adviser with the State of Missouri? 

You can find instructions for registration as an investment adviser here.

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How do I register as an investment adviser representative with the State of Missouri?

You can find instructions for registration as an investment adviser representative here.

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When should I register with the State of Missouri?

You should file your application through IARD when you are certain that you are no longer eligible for federal registration.  You should not withdraw your federal registration until you are registered in your state(s).  Outside of Missouri, the SEC continues to release information for transitioning investment advisers.  You can read more on the SEC’s Dodd-Frank Spotlight webpage.

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Where do I find the forms to register?

You can find the forms on the Securities Division website by clicking here.

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Can I qualify for an exemption from Missouri’s registration requirement as an investment adviser?

Whether you can qualify for an exemption will depend upon your particular circumstances.  Under the Missouri Securities Act of 2003, only a few investment advisers are exempt from the registration requirement.  To determine whether you qualify for an exemption, you should consult section 409.4-403(b), RSMo.  That statute can be found here.

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Can I qualify for an exemption from Missouri’s registration requirement as an investment adviser representative?

Whether you can qualify for an exemption will depend upon your particular circumstances.  Under the Missouri Securities Act of 2003, only a few investment adviser representatives are exempt from the registration requirement.  To determine whether you qualify for an exemption, you should consult section 409.4-404(b), RSMo.  That statute can be found here.  (Note that even if you qualify for an examination waiver, you still need to submit your application for registration and become registered as an investment adviser representative, or qualify for an exemption from registration.)

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Can I qualify for an examination waiver for the series 65 or 66?

Examination waivers are available for certain individuals.  Please refer to 15 CSR 30-51.030(4), found here.  You should send a request for a waiver to the commissioner of securities if you think you may qualify for a waiver.  (Note that even if you qualify for an examination waiver, you still need to submit your application for registration and become registered as an investment adviser representative, or qualify for an exemption from registration.)

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What happens next if my application for state-registration is denied?

If your application is denied, then you may not legally transact business in Missouri unless you qualify for a registration exemption under section 409.4-403(b), RSMo.

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Where can I find the laws regarding what will be expected of me or my firm in Missouri?

You can find the general statutes regarding what is expected of you or your firm in sections 409.4-401 to 409.4-412, RSMo.  Those statutes can be found here.  

The commissioner’s regulations discuss some of those statutes in greater detail.  Those regulations can be found here and here.

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Is information contained on an investment adviser’s website or social media page considered an advertisement?

Yes. Consequently, per 15 CSR 30-51.172(1)(S), the content of the website must comply with the federal rule for investment adviser advertisements found in Rule 206(4)-1 of the Investment Advisers Act of 1940. Furthermore, to meet Missouri’s records retention requirements, the firm should maintain copies of both the current and historical pages of its website in the firm’s advertising file.

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What records will I be expected to maintain?

The records you are expected to maintain are described in 15 CSR 30-51.140.  That regulation can be found here.

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What are the grounds for the discipline or disqualification of investment advisers for dishonest or unethical practices in Missouri?

The grounds for discipline or disqualification of investment advisers are found both in statutory and regulatory sources.  The statutory grounds are found in section 409.4-412(d), which can be found here. The regulatory grounds are listed in 15 CSR 30-51.172, which can be found here.  Note that 15 CSR 30-51.172 is not a complete list:  engaging in other deceptive practices not listed can also be grounds for discipline or disqualification.  See 15 CSR 30-51.172(3).

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How frequently will an investment adviser be audited by the Division? How long does a typical audit last?

On average, the Division audits reach Missouri-based investment adviser once every three years. During a typical field audit, an audit team will spend one day at the investment adviser’s home office gathering information, and begin its analysis upon return to the Division. The duration of the entire audit process will vary depending on the volume of information collected by auditors.

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What are the supervision guidelines for investment advisers in Missouri?

An investment adviser’s supervisory duties will depend upon the circumstances in question.  The commissioner can discipline an investment adviser that has failed to reasonably supervise an investment adviser representative who, among other things, violates the Missouri Securities Act of 2003.  Section 409.4-412(d)(9), RSMo.  The commissioner has promulgated a rule which provides guidance as to what is “reasonable supervision.”  That regulation is 15 CSR 30-51.173, which can be found here.

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When does the new AUM threshold for investment advisers become effective?

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the new AUM threshold becomes effective Thursday, July 21, 2001.

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Will I have to pay additional fees because of the switch?

Yes.  You will have to pay the initial registration fee with the application for registration.  Additionally, you may be required to pay a registration fee for any investment adviser representatives applying for registration in Missouri.  All fees are deducted from IARD.  See 15 CSR 30-50.030(4) and (5) for a list of fees in Missouri.  Those regulations are found here.

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Will investment advisers applying for registration in Missouri be required to use the new ADV Part 2?

Yes. Investment advisers switching from SEC registration to Missouri registration will be required to use the new ADV Part 2 and to submit it and any required supplements to IARD as part of the application for registration.

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Where can I find the new Part 2?

You can find the new Part 2 by clicking here.

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Can an investment adviser register in more than one state using IARD?

Yes.  Item 2(B) of Part 1A of form ADV allows an investment adviser to check the box for the state(s) in which it wishes to register.  However, advisers should check with the states in which they are registering to determine what other materials, if any, a state may require to complete registration.  Missouri requires additional information in an investment adviser application.  Information about what is required in Missouri is found in 15 CSR 30-51.020(3) and can be found here.

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Will I have to file Form U4 amendments for my investment adviser representatives?

It depends.  If the investment adviser representative is already registered in Missouri with the investment adviser, then an amendment will not be necessary.  If an investment adviser representative was previously exempt from registration, an application for registration through the CRD U4 may be necessary.

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You can link to the Securities Division’s Registration of Broker and Adviser FAQs for general questions here.

 

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  • September 6, 2012
    The Commissioner of Securities has issued an Advisory Release alerting Missouri's investment advisers and others to a recent report on the Investment Adviser Registration "Switch." Read the release here, and the Report here.

  • July 3, 2012
    The Commissioner of Securities has issued an Advisory Release concerning pending investment adviser registration applications after the Dodd-Frank Act "Switch" deadline. Read the release here.

  • May 17, 2012
    The Commissioner of Securities has issued an Advisory Release concerning a no-action letter and the April 26 rulemaking concerning Missouri Private Fund Advisers. Read the release here.

  • April 26, 2012
    The Commissioner of Securities has issued an advisory release concerning a rulemaking related to an exemption from registration for certain advisers to private funds. Read the release here.

  • March 23, 2012
    The Commissioner of Securities has issued an advisory release on the fast-approaching deadlines and best registration practices for investment advisers switching to state registration. Read the release here.

  • December 30, 2011
    The Commissioner of Securities sent a letter to Missouri Investment Advisers who may switch to state regulation in 2012 under the Dodd-Frank Act. Read the letter here .

  • December 15, 2011
    Advisory Release AR-11-07
    The Commissioner of Securities issued an advisory release summarizing NASAA’s coordinated review program for investment advisers switching to state regulation in 4-14 states. Read the release here.

  • July 20, 2011
    Advisory Release AR-11-04
    The Commissioner of Securities for the State of Missouri issued an advisory release summarizing a No-Action Determination issued in response to a request by an adviser to a private fund. Read the release here.


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