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What do I need to submit to become licensed as an Investment Adviser (IA) in Colorado?
(Please refer to the Fee Schedule for appropriate fees)
Form ADV (Part 1A and 1B through the IARD). Please see information at the website www.iard.com. To file this form requires that a firm be a participant of the Investment Adviser Registration Depository (IARD). To do this the IA must first complete the entitlement process through forms found on the website. Once an account and password is issued by the IARD, the IA may complete the Form ADV online and submit it electronically.
You must submit the annual Colorado state licensing fee through the IARD. (This is in addition to any IARD fees, licensing fees charged by other states or the fees charged for licensing Investment Adviser Representatives (IARs) – see below.)
The firm is required to provide disclosure about its business to prospective clients. The IA must submit the disclosure document that it intends to use. The IA industry is transitioning to the use of a “narrative” disclosure document from a “Form” document. Either form is acceptable at present. The directions for the narrative form can be found starting at page 70 of 95 of the document www.sec.gov/pdf/propadv.pdf. Directions for the second part of this disclosure document pertaining to individual investment adviser representatives starts at page 88 of the above document. Both parts are required. Submit this directly to the Colorado Division of Securities.
Every contract between the IA and a client is required to be in writing. The IA must submit a sample client contract(s) that it intends to use directly to the Colorado Division of Securities.
Form U-4 must be submitted on behalf of every IAR seeking to be employed by the IA. (A sole proprietor is both an IA and an IAR so therefore must submit both an ADV and a U-4.)
The IAR annual state licensing fee must be submitted through the IARD.
Every individual seeking to be licensed as an IAR must meet a minimum qualification requirement. The primary way to meet this qualification is passage of the Series 65 exam (or the Series 7 and 66). Other ways to meet this requirement are to hold one of several professional designations (CFP, CFA, CIC, ChFC, CIMC, CIMA, or PFS) or to be licensed as an IAR in another jurisdiction.
You may request to be scheduled to take an exam by marking the appropriate sections on the Form U-4. Examination fees will then be deducted from your IARD account, OR, you may file a copy of the Form U-10 in order to take the exam. Form U-10 is used to register to take the series 65 examination prior to filing Form U-4. The form and examination fees should be submitted to the Financial Industry Regulatory Authority. (address on the form) and not to the Colorado Division of Securities. You do not need an industry “sponsor” to take the Series 65 Exam