The District of Columbia Department of Insurance, Securities and Banking oversees Investment Adviser licensing.
The District of Columbia DC Code § 31-5602.02 stipulates that an investment adviser must be licensed unless they have received an exemption. The license/registration process includes:
1. Payment of a filing fee and application for registration through IARD with any required attachments.
2. Completion of the Clean Hands Form.
3. Disclosure of prior investment advisory and/or securities activity.
4. Investment advisers whose physical location is in the District of Columbia and having custody of client funds and/or securities must provide an audited balance sheet for the most recent fiscal year to the Department of Insurance within 90 days at the end of the investment adviser’s fiscal year.
5. Investment advisers that have physical locations in the District of Columbia must maintain a minimum net capital of $25,000. If the net capital does not exceed a monthly calculation of $35,000, a $10,000 surety bond is then required within 30 days of the monthly calculation to correct the deficiency.
6. Licenses renew annually on December 31.
7. De Minimis- applicants whose physical business location is not in the District of Columbia and have less than five clients that reside in the District of Columbia and are not institutional clients are not required to register
The premium that you pay for a District of Columbia Investment Adviser Bond is dependent on personal credit.
You can Apply online or contact our Surety Bond Specialists today at:
Hours: 8:00-5:00 CST, Monday through Friday