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:
- Payment of a filing fee and application for licensure through IARD with any required attachments.
- Submit a copy of the client agreements.
- Maintain a minimum net worth of $35,000 for applicants that will have custody of client funds or securities.
- Maintain a minimum net worth of $10,000 for applicants that will have discretionary authority of client funds.
- Provide a financial statement.
- 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.
- Submit fingerprints and be able to pass a criminal background check.
- If more than one branch location in Maine, each branch must register and pay a registration fee.
- Licensure renews annually by December 31.
- 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.
Did You Know?
All client information stored in a computer must be password protected, have passwords changed regularly and all files backed up.
Related Links: Maine Information for Licensed Investment AdvisersMaine Licensing and Registration Maine Investment Adviser Licensing Requirement and Exemptions
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application