Montana Investment Adviser Surety Bond
The State of Montana Office of the State Auditor, Security Department, regulates the securities industry including the Investment Adviser Registration program. It is also responsible for securities compliance and investigates fraud or other improper securities practices. Montana Code Annotated 2015 30-10-201 details the laws for investment adviser registration.
Surety Bond and Registration Requirements:
- Payment of a filing fee and application for registration through FINRA with any required attachments if an FINRA firm. If non-Finra firm, application and fees are submitted the Montana State Auditor’s Office.
- Provide a copy of the client advisory contract.
- Complete the Consent to Service.
- Provide a financial statement if the applicant has custody or discretionary authority over client funds.
- If the applicant has custody or discretionary authority of client funds, a minimum business net worth of $35,000 is required or a surety bond in the amount of the deficiency in net worth.
- If the applicant has discretionary authority of client funds but not custody, the applicant must have a net worth of $10,000 or a surety bond in the amount of the deficiency in net worth.
- De Minimis- if the applicant physical business address is out-of-state, it is not necessary to register until there are five or more clients during the preceding 12-month period.
How Much Will This Bond Cost?
The premium that you pay for a Montana Investment Adviser Surety Bond is dependent on credit and the bond amount required.
Did You Know?
Montana investment advisers must renew their registration and bond annually by December 31.
Related Links:Broker-Dealer / Investment Adviser Registration & Fees Montana Code
More Surety Bond Questions?
Check out our FAQ page. Should you need or choose to buy a surety bond, 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