Investment Advisers: Once Registered
- Amendments: Section 406(2) of the Michigan Uniform Securities Act, PA 551 of 2008 (the Act), indicates that if the information contained in any document previously filed with CSCL becomes inaccurate or incomplete in any material respect, the Registrant shall promptly file a correcting amendment.
The State of Michigan requires an annual filing of Form ADV Part I. You must also file an amendment within 30 days of a material change. Questions regarding the IARD should be directed to the IARD Call Center at 240-386-4848.
In addition to the annual filing requirement of Form ADV Part 2, Registrants must also file an amendment to the Form within 30 days of a material change. Both filings must be completed through the IARD system.
Amendments to the investment advisory contract must also be filed within 30 days of a material change. Amendments to the items must be done in hardcopy to the address below with all amendments highlighted in yellow. Failure to do so will result in the amendments being returned. It is strongly encouraged that the Registrant submits all documentation to CSCL by some format requiring signed delivery confirmation. The amendments are considered to be effective upon receipt by CSCL. Do not wait for some form of confirmation from CSCL.
- Renewal: Registrants are required to renew their registration annually through the IARD system. The renewal fee is $200.00 and is due by the date prescribed by FINRA. The fee is deducted automatically from the Registrant's account, by FINRA, based upon the renewal timetable set up each December. The IARD renewal program calendar can be found at www.iard.com/renewals.asp.
Registrants are notified in advance of the renewal fee deadlines and should have adequate funds in their account to cover all fees due. Failure to pay the renewal fee will result in an investment adviser's registration being automatically terminated through the IARD system. Subsequently, the investment adviser will be considered inactive January 1; the firm is no longer a "registered" investment adviser.
Acting as an investment adviser while not registered is a violation. Firms in violation are subject to administrative action, including but not limited to: administrative fines, examinations costs, disgorgement of fees, and heightened regulatory supervision. Furthermore, firms must reregister should they wish to resume operations. This means they must reapply and go through the same process a new applicant would undergo, which could take between 60 and 90 days.
- E-Mail Updates: From time to time, CSCL will send out e-mails to Registrants notifying them of regulatory changes and upcoming seminars. It is imperative that the Registrant keeps their email address current on the IARD system.
- Investment Adviser Seminars: For a refresher as to the regulatory requirements for Registrants as well as learning what to expect when an CSCL examiner visits your firm, attend one of our Investment Adviser Seminars. Registration for the seminars is done through our website; please visit here for more information.
Corporations, Securities & Commercial Licensing Bureau
PO Box 30018
Lansing, MI 48909
Corporations, Securities & Commercial Licensing
525 W. Allegan St.
Lansing, MI 48913