Maine Investment Adviser Surety Bond

The Maine Department of Professional & Financial Regulation, Office of Securities, is responsible for overseeing various securities programs including licensing of Investment Advisers, compliance of securities laws and review of registration statements.

Surety Bond and License Requirements:

1. Payment of a filing fee and application for licensure through IARD with any required attachments.
2. Submit a copy of the client agreements.
3. Maintain a minimum net worth of $35,000 for applicants that will have custody of client funds or securities.
4. Maintain a minimum net worth of $10,000 for applicants that will have discretionary authority of client funds.
5. Provide a financial statement.
6. If the minimum net worth is less than the amounts required for custody of client funds or discretionary authority, a surety bond must be obtained for the deficiency, rounded up to the nearest $5,000. A surety bond is not required if the physical address of the applicant is out of state and meets that states bonding requirements.
7. Submit fingerprints and be able to pass a criminal background check.
8. If more than one branch location in Maine, each branch must register and pay a registration fee.
9. Licensure renews annually by December 31.
10. De Minimis- if the physical business address for the applicant is in another state and has less than 5 clients registration is not required.

How Much Will This Bond Cost?

The premium that you pay for a Maine Investment Adviser Surety Bond is dependent on credit and bond amount required. Our rates for $10,000 bonds start at $150 with good credit, and rates for $35,000 bonds start at $525 with good credit. Contact our Surety Bond Specialists for a free quote.

Did You Know?

All client information stored in a computer must be password protected, have passwords changed regularly and all files backed up.

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