Securities Division

Arizona Investment Adviser
and Investment Adviser Representative
Licensing and Notice Filing Requirements

Applications for licensure will be processed in accordance with A.A.C. R14-6-105

Investment Adviser Licensing and Notice Filing

State Licensure:

1. Form ADV Parts 1 and 2 submitted through FINRA IARD [A.R.S. § 44-3153(B)]. 
2. Affidavit of Adviser Activity in Arizona [A.R.S. § 44-3153(C)(4)]. 
3. $250 fee submitted through FINRA IARD [A.R.S. §§ 44-3153(D), 44-3181(A)]. 
4. Audited Balance sheet (if required) [A.R.S. §§ 44-3153(C)(3), 44-3159, A.A.C. R14-6-206]. 
5. Confirmation of written advisory agreement [A.R.S. §§ 44-3154, 44-3201(A(14), A.A.C. R14-6-203]. 
6. Additonal requirements for sole proprietors:

• Fingerprint card and $22.00 processing fee filed with the Securities Division, if fingerprints are not on file with the Division, CRD, or IARD.  A fingerprint packet can be obtained from the Division [A.R.S. §§ 44-3153(C)(6), 44-3181(F)].  ---> Fingerprint Instructions <---
• Satisfaction of written examination requirement [A.R.S. § 44-3153(C)(2), A.A.C. R14-6-204)].
• Proof of lawful presence for Arizona residents and non-Arizona residents who do not have an equivalent license issued by another state [A.R.S. § 41-1080].

SEC Registered - Notice Filer:

1. Form ADV Part 1 submitted through FINRA IARD [A.R.S. § 44-3153(E)]. 
2. $250 fee submitted through FINRA IARD [A.R.S. §§ 44-3153(F)(3), 44-3181(A)]. 

Arizona Exempt Reporting Adviser (ERA) Filing:

1. Please Review A.R.S. § 44-3152(B).
2. Form ADV Part 1 submitted through FINRA IARD [A.R.S. § 44-3152(B)(1)(b)].
3. $125 annual fee [A.R.S. § 44-3152(B)(1)(c)].
4. For assistance in filing though FINRA IARD, please contact the FINRA IARD Call Center at (240) 386-4848 or at iard@finra.org.

Investment Adviser Representative Licensing

1. Form U-4 submitted through FINRA IARD  [A.R.S. § 44-3156].
2. $40 fee submitted through FINRA IARD [A.R.S. § 44-3181(A)]. 
3. Fingerprint card and $22 processing fee filed with the Securities Division, if fingerprints are not on file with the Division, CRD, or IARD.  A fingerprint packet can be obtained from the Division [A.R.S. §§ 44-3156(C)(3), 44-3181(F)].  ---> Fingerprint Instructions <--- 
4. Satisfaction of written examination requirement [A.R.S. § 44-3153(C)(2), A.A.C. R14-6-204)].
5. Proof of lawful presence for Arizona residents and non-Arizona residents who do not have an equivalent license issued by another state [A.R.S. § 41-1080].

Reporting Requirements 

State Investment Adviser:

1. Statement of material changes submitted through FINRA IARD [A.R.S. § 44-3159(A)]. 
2. Audited Balance sheet (if required) [A.R.S. §§ 44-3153(C)(3), 44-3159, A.A.C. R14-6-206].

Investment Adviser Representative:

Statement of material changes submitted through FINRA IARD [A.R.S. § 44-3159(A)].

Renewal

State Investment Adviser and SEC Registered - Notice Filer:

1. $250 annual fee on or before December 31 [A.R.S. § 44-3181(A)]. 
2. Sole Proprietor Investment Advisers:  Proof of lawful presence if documentation has not previously been presented to the Securities Division [A.R.S. § 41-1080].

Investment Adviser Representative:

1. $40 annual fee submitted on or before December 31 [A.R.S. § 44-3181(A)]. 
2. Proof of lawful presence if documentation has not previously been presented to the Securities Division [A.R.S. § 41-1080].

Name Change/Reorganization/Mass Transfer

In the event of a name change, reorganization, or mass transfer, contact the Securities Division at (602) 542-0326 or SEC-AOD@azcc.gov.

Important Links

Investment Adviser and Investment Adviser Representative Licensure Exemptions

Investment Adviser and Investment Adviser Representative Written Examination Requirement

Arizona Investment Management Rules

IARD