Securities

STATE REGISTERED INVESTMENT ADVISERS

For Regulated Firms

Persons who engage in the business of financial planning or that manage $25 million or less are required to register as a state registered investment adviser with the Illinois Securities.
Complete Information Concerning Registration And Filing Requirements For Firms That Intend To Register With The Illinois Securities Department

An application for registration as a state registered investment adviser is initiated thru the filing of Form ADV on the Investment Adviser Registration Depository (IARD).

State registered investment advisers must file annually thru the IARD system to renew their registration with the Illinois Securities Department. Renewal periods run on a calendar year basis of January 1 – December 31. Renewal instructions are mailed out in late October of each year by the Department to all registered firms.

Information regarding applicable registration fees can be found under the Fees section of this webpage.

Please refer to the administrative rules (Sections 130.805 through 130.873) of the Illinois Securities Law of 1953 for specific information concerning state investment advisers.

If a firm is considering a switch in status to that of a federal covered investment adviser, please contact our investment advisory specialist at lbednarko@ilsos.net for information related to making the correct sequence of filings on the IARD system.

For Consumers

An investment adviser that you select to provide financial planning services or to manage your investments is required to be registered with the Illinois Securities Department. This registration requirement also extends to the individual investment adviser representative that provides these services for you.

The Illinois Securities Department encourages you to be informed when making a decision about whom to select as your investment adviser. Use the following avenues to access important information concerning the background and status of investment adviser firms and their staff of investment adviser representatives.

The resources outlined below are free of charge to investors.

State Registered Investment Advisers
Information Concerning The Background And Registration Status Of Investment Adviser Firms

This information is provided from data maintained on the Investment Adviser Registration Depository (IARD). The U.S. Securities and Exchange Commission (SEC) maintains a website called “Investment Adviser Public Disclosure”, that draws upon the information maintained in the IARD system. The SEC website provides an on-line look at the Form ADV for each investment adviser. Form ADV is the common application form submitted by all investment advisers which discloses information concerning the adviser’s ownership, states in which it is registered, the amount of assets under management, disciplinary information, and other detailed information for each investment adviser.

Investment Adviser Representatives
Obtain a copy of a Central Registration Depository (CRD) report concerning an investment adviser representative directly from the Illinois Securities Department. The report provides information concerning the investment adviser representative’s employment history, securities examinations the representative has passed, licensing or registration status in Illinois or other applicable states and disciplinary history. To obtain a copy, call the Securities Department at 800-628-7937, or email your request to one of our investment advisory specialists at lbednarko@ilsos.net. When requesting information about an individual, please be sure to include the individual’s first and last name, the name of the investment adviser firm where the individual is employed, and address where the individual conducts business. Please include your fax number or postal address for mailing of the requested report.

Please also refer to the Consumer Information sections for additional assistance.