Federal-Covered Investment Advisers Securities
Under federal law, any person with more than $100 million in assets under management who, in exchange for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities, or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities is considered a federal-covered investment adviser. These firms are registered with the U.S. Securities and Exchange Commission (SEC). For more information, please visit the SEC’s Web site.
- Federal-covered investment advisers who conduct business in Illinois are required to make a notification filing with the Illinois Securities Department through the Investment Adviser Registration Depository (IARD) system. Investment adviser representatives (IAR) employed by the federal-covered investment adviser who have a place of business within Illinois, with limited exception, also must be registered. For more information concerning requirements affecting Investment Adviser Representatives, please visit the Illinois General Assembly’s Web site.
- Federal-covered investment advisers must file annually through the IARD system to renew their notification filing with the Illinois Securities Department. Renewal periods run on a calendar-year basis of January 1-December 31.
- Information regarding applicable notification and IAR registration fees can be found under the Fees section.
- Please refer to the Administrative Rules (Sections 130.805 through 130.873) of the Illinois Securities Law of 1953 for specific information concerning federalcovered investment advisers.
Any federal-covered investment adviser a consumer selects to provide financial planning services or to manage their investments is required to be “notice filed” with the Illinois Securities Department. Individual investment adviser representatives employed by this firm also are required to be registered with the Illinois Securities Department.
The Illinois Secretary of State Securities Department encourages consumers to be informed when selecting an investment adviser. For more information or to research an investment adviser, please visit the SEC’s Web site.
Fees for Federal-Covered Investment Advisers
- Initial Registration and Annual Renewal Fee – $400
- Investment Adviser Representative Registration and Renewal Fee – $150
The Secretary of State, Illinois Securities Department or their information providers shall not be liable regardless of the cause or duration, for any errors, inaccuracies, omissions or untimeliness of the information, or for any delay or interruption in the transmission thereof to the user, or for any claims or losses arising therefrom.