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Title: Investment Advisers and their Representatives
Alternate Title:
Description: Persons who meet the statutory definition(s) of Investment Adviser and/or Investment Adviser Representative found in Minn. Stat. § 80A.41 (16) & (17) generally must register with the Minnesota Department of Commerce.
Subject: Creation Date: 9/11/2008 2:13:06 PM
Modification Date: 11/12/2024 11:45:01 AM
Agency Name: Commerce, Minnesota Department of
Agency URL: https://mn.gov/commerce/
Agency Description: The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.
Agency Phone: 651-539-1500
Agency Fax: Agency URL: https://mn.gov/commerce/
Agency Address:
85 7th Place East, Suite 500

St. Paul
MN
55101
Unit Name: Securities Unit
Unit URL:
Unit Description:
Unit Phone: 651-539-1638
Unit Fax: Contact person(s): Securities.IA-BD.Registration.Commerce@state.mn.us
Unit URL:
Audience: Application URL:
Renewal URL:
Versa URL:
Requirements:

Review:

Investment Adviser (firm) and their Representatives

Persons who meet the statutory definition(s) of Investment Adviser and/or Investment Adviser Representative found in Minn. Stat. § 80A.41 (16) & (17)
generally must register with the Minnesota Department of Commerce.

Registration requirements, as well as exemptions from registration, are defined in Minn. Stat. § 80A.58 and .61 and applicable rules in Minn. Rules 2876.

How to Register as an Investment Adviser

A person wishing to register an Investment Adviser in Minnesota must complete and file Form ADV Parts 1 and 2 on the 
Investment Adviser Registration Depository (IARD) electronic system. These forms should be completed according to the official Form ADV instructions, available at IARD

Order: Supervisory Experience-Investment Adviser (.pdf)

Memo to Investment Adviser Firms (.pdf)

Additional information requested Pursuant to Minnesota Statute §80A.61(a)(2)

Net Worth Requirements

Register with the MN Secretary of State Office


Renewal

Resources for Investment Advisers

How to Register as an Investment Adviser Representative
A person wishing to register as an Investment Adviser Representative in Minnesota must complete and file Form U4 on the Central Registration Depository (CRD) electronic system. This form should be completed according to the official Form U4 instructions, available on the CRD website.  

Renewal

Required Examinations

Investment Adviser Representative Continuing Education


Rules: 2876

Statutes: 80A.58
80A.61

Forms:
Forms and Fees Requirements for Initial Registration as an Investment Adviser
Submit the following via FINRA’s CRD system:
  1. Form U-4
  2. $65
How to Register as an Investment Adviser Representative
  1. Form U4, the Uniform Application for Securities Industry Registration
  2. A $50 fee is required to register as an Investment Adviser Representative (IAR) in Minnesota.

Fees:

Investment Adviser

Initial registration Investment Advisers / Investment Advisers Representative - $65

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 Minn. 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.

Investment Adviser Representative

$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


Period of Issuance:

Annual


Length of Determination:
Other Info:
Activity: Financial Counselors/Planners
License Detail URL:

Investment Advisers and their Representatives

License Lookup Directory

    Broker Check by FINRA 

    Investment Adviser Public Disclosure

Securities

Minnesota Department of Commerce

   


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