• Form U-4
• $65

Once the above forms and fee are filed on the IARD, the State of Minnesota reviews the information on file and may contact the applicant to request additional information.  Applicants for registration should be prepared to provide:

• A form establishing consent to service of process complying with Minnesota Statute §80A.88.
• Documentation showing each supervisor or control individual of the investment adviser has passed the Series 65 or Series 66 exam; or otherwise meets the requirements of Minnesota Rule 2876.4120;
• Documentation showing that at least one full time supervisor responsible for compliance at the investment adviser meets the experience requirement in Minnesota Rule 2876.4120;
• Examples of client contracts to be used in Minnesota that comply with Minnesota Rule 2876.5022;
• Examples of any literature or advertising that may be used by the investment adviser to promote its business;
• Financial statements required by Minnesota Rule 2876.4113;
• A surety bond, if required by Minnesota Statute 80A.66 and Minnesota Rule 2876.4115.
• Affirmation confirming review and compliance with the requirements of Minnesota Statute, Chapter 345, Unclaimed Property as required in Minnesota Rule 2876.4120.

Please note that Investment Advisers with custody over client funds, but not solely due to direct fee deduction or advising pooled investments, must maintain a minimum net worth of $35,000. Investment advisers with discretion over client funds, but without custody, must maintain a minimum net worth of $10,000. Please refer to Minnesota Rule 2876.4112for the definition of custody.

Investment advisers should also visit the Minnesota Secretary of State website to comply with any additional State registration requirements required by that agency. 

Investment Advisers must pay a $100 fee by December 31st of each year to renew their registration in Minnesota. Registration fees must be paid through the IARD system. Investment advisers registered in Minnesota must also amend their Form ADV (Parts 1 and 2) each year by filing an annual updating amendment in the IARD system within 90 days after the end of the investment adviser’s fiscal year. Annual updating amendments should be made according to the Form ADV instructions available on the IARD website. 

Pursuant to Minnesota Rule 2876.4117 Subp. 3, registered investment advisers must annually deliver, or offer in writing to deliver, to existing clients a copy of the adviser’s current brochure.

• Written Supervisory Procedures Checklist for Investment Advisers (.pdf)

Form U4, the Uniform Application for Securities Industry Registration

A $50 fee is required to register as an Investment Adviser Representative (IAR) in Minnesota.

Annual renewals are due on December 31st and must be submitted via CRD/IARD system.

The application for initial registration must also include proof of compliance by the investment adviser representative with the examination requirements of the Uniform Investment Adviser Law Examination (Series 65) or the Uniform Combined State Law Examination (Series 66).

Effective January 1, 2025, Minnesota has adopted a continuing education requirement applicable to both state-registered and federal covered investment adviser representatives (IARs). IARs play an important role in their clients’ financial lives and Minnesota residents will be further protected by ensuring their financial professional’s level of knowledge and competence is maintained or expanded. Every IAR must annually complete 12 continuing education (CE) credits to maintain their IAR registration. The 12 credits must include 6 credits of Products and Practices courses and 6 credits of Ethics and Professional Responsibility courses. 

IAR CE Requirements

For additional information, 

1. Go to IAR CE NASAA and click the gold rectangle that says IAR CONTINUING EDUCATION;

2. Review the Introduction to IAR CE course. NOTE: The full video is a course worth ½ credit towards IAR CE for IARs that are currently registered in an adopting state. Minnesota is a 2025 adopting state. 

3. Review the Frequently Asked Questions on NASAA’s website to learn more how IAR CE impacts your registration. If you still have questions, contact us at MN.IAR.CE.COMM@state.mn.us. 

IAR Exam Validity Extension Program (EVEP) Information.

Effective January 1, 2025, IARs and registered representatives can extend their qualification examinations (Series 63, 65 and 66*) through the Exam Validity Extension Program (EVEP) for a period up to five years by opting into the program, paying an annual fee and maintaining certain continuing education requirements.  This will benefit the individual when they reenter the industry and apply for registration. 

*The Series 66 exam qualifies individuals in two capacities, as a representative of both a broker-dealer and an investment adviser. To extend both parts of the Series 66 exam, an individual must enroll both Series 63 and Series 65 credits, if applicable.

EVEP requirements available: 

• Investment Adviser Representative Examination Validity Extension Program
• Broker-Dealer Agent/Investment Adviser Examination Validity Extension Program

Contact Minnesota Commerce Department Securities Office: MN.IAR.CE.COMM@state.mn.us.