The State of Iowa Insurance Division has the duty to enforce the Uniform Securities Act which includes prohibiting fraudulent securities transactions and registration and licensing of investment advisers.
Iowa Code Chapter 502 provides details of the Investment Adviser duties and requirements.
The registration/application process includes:
1. Payment of a filing fee and application for registration through IARD with any required attachments.
2. If the applicant will has discretion of client funds, the business net worth must be a minimum of $35,000.
3. A copy of the applicants most recent audited financial statement.
4. Annual renewal of license must be completed by November 30.
5. If the applicant will have custody of client funds, the business net worth must be a minimum of $35,000 and a surety bond may be required if the Administrator of the Insurance Division deems it to be necessary.
6. If the applicant has neither discretion or custody of client funds, the business net worth must be a minimum of $10,000.
7. De Minimis- if the applicant physical business address is out of state and has fewer than five clients, they are exempt from registering.
The premium that you pay for an Iowa Investment Adviser Surety Bond is based on credit and bond amount required.
Annual renewal for the Iowa investment adviser and payment of fees are filed with IARD.
Hours: 8:00-5:00 CST, Monday through Friday