The application for investment adviser registration, in Michigan, consists of two parts. Applicants will partially file electronically through FINRA's Investment Adviser Registration Depository System (IARD) and partially file on paper with the State of Michigan.
Step 1: FINRA's IARD Entitlement Process
- Electronically file Form ADV Part I and ADV Part 2A using the IARD system. (ADV Part 2B and a Wrap Fee Brochure should be filed, if applicable to your firm.)
- Download and complete the IARD entitlement forms for state registration.
- Payment of the $200 application fee must be made through the IARD system at the time of the electronic filing of Form ADV Part I.
- The IARD entitlement process is managed by FINRA. Questions regarding the entitlement forms, the IARD system, the filing fee, or their process should be directed to the IARD Call Center at (240) 386-4848.
- DO NOT SEND APPLICATION FEES TO THE STATE OF MICHIGAN.
Step 2: State of Michigan's Initial Review and Examination Process
- Upon completion of the entitlement process and Form ADV Part I and Part 2, the IARD system will electronically notify the State of Michigan of your filing.
- At this same time, you are required to provide the State of Michigan with the following:
- Proof of compliance with the exam requirements, if the applicant is a sole proprietor per R 451.4.12.
- An accrual basis balance sheet per Generally Accepted Accounting Principles (GAAP) that is no older than 45 days. It must be signed by an officer, partner, member, or sole proprietor as required by R 451.4.18. The accrual basis accounting method recognizes assets when they are earned but not necessarily collected and records liabilities when they are incurred but not necessarily paid. This is different than the cash basis accounting method which recognizes revenues when they are collected and expenses when they are paid.
- A copy of the surety bond as required by R 451.4.14, if applicable.
- The new securities rules became effective on July 3, 2019. You are required to adhere to these new rules. Please note that the State of Michigan's Securities & Audit Division cannot provide legal advice. To protect against undesired and unintended consequences, one should consult with competent legal advisors.
Contact Us:
Department of Licensing and Regulatory Affairs (LARA)
Corporations, Securities & Commercial Licensing Bureau (CS&CL)
Securities and Audit Division
Address: PO Box 30018, Lansing, MI 48909
Overnight Mail (FedEx/UPS): 2407 N. Grand River Ave, Lansing, MI 48906
Phone: (517) 335-5237
Fax: (517) 763-0039
Email: LARA-CSCL-Securities-Audit@michigan.gov
