Investment Adviser Representative (IAR) Registration
How to Become Registered:
- Examination Requirement: Michigan requires the Series 65 examination. The exam must be passed within the 2 year period preceding the date of application. Exceptions are granted for the following reasons:
- if the Series 66 exam was passed within the 2 year period preceding the date of application. However, an active Series 7 exam is required with the Series 66 exam.
- if an IAR has been registered within the preceding two years in another state, as long as the state of registration also required the applicant to pass the S65 exam.
- if an IAR has one of the professional designation found on the U-4 form or listed in Transition Order No. 09-049-M
Note: if you meet one of the exam exceptions listed above and your registration status on CRD indicates deficient, please notify our office of the deficiency by email <firstname.lastname@example.org> or fax (517)241-6356.
- Application: Submit a Form U-4 electronically through FINRA's nationwide database known as the Central Registration Depository (CRD) System. The employing investment adviser firm should have knowledge of this process; however, you may contact FINRA for further information, or 301-590-6500. All forms to apply or withdraw an IAR registration are available through FINRA’s website. (there is no fingerprint card requirement for Michigan IAR’s)
- Fee: IAR registration fees are $65. This fee is deducted automatically from the employing firm’s account with FINRA and forwarded to Michigan.
Once You are Registered:
- Amendments: Any amendments to the IAR's Form U-4 should be submitted electronically through the CRD System. An IAR is required to promptly file any changes to his/her U-4 Form.
- Mass Transfer: Firms may mass transfer IAR’s from one firm to another. Michigan has a mass transfer fee of $65.00 per IAR. FINRA will notify Michigan when the transfer takes place, and the fees will be deducted automatically from the firm’s account.
- Renewal fees: Payments are processed through the CRD system. The renewal fee is $65.00 per IAR. The fee is deducted automatically from the firm's account based upon the renewal timetable set up each December by FINRA. All FINRA firms are notified well in advance of the renewal fee deadlines and should have adequate monies in their account to cover all fees due. Failure to pay the renewal fee will result in an IAR's registration being automatically terminated through the CRD System.
How to Withdraw your Registration:
A Form U-5 should be submitted electronically through the CRD System by your employer.
Within two years from the date of termination, the IAR must become registered with another firm or they will be required to retake the Series 65 examination.