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SEC / FINRA / state securities regulators

US SEC registered investment adviser Form ADV application pack

A practical evidence pack map for SEC investment adviser registration through IARD and Form ADV, including brochure, custody, compliance, state/IAR, private fund, and public-disclosure readiness.

Route focus

A US SEC adviser application should prove SEC eligibility, Form ADV completeness, brochure accuracy, custody/disclosure analysis, compliance ownership, state/IAR consequences, and post-effective amendment discipline.

Who this helps

  • - RIA founders preparing SEC registration
  • - Private fund advisers choosing SEC, state, or exempt reporting adviser routes
  • - Platforms, wealth advisers, and managers separating advice from broker-dealer activity
  • - Compliance teams preparing Form ADV, Part 2 brochure, policies, and IARD access

Licence scope

  • - Decide whether the adviser should register with the SEC, state regulators, report as an exempt reporting adviser, or avoid registration because another exemption applies.
  • - Map investment advice, portfolio management, private funds, solicitation/marketing, performance advertising, custody, fee deduction, and transaction-compensation facts.
  • - Separate adviser registration from investment adviser representative state registration and broker-dealer analysis.
  • - Use Form ADV as a disclosure and operating record, not only a filing form.

Pre-draft questions

  • - What basis makes the adviser eligible or required to register with the SEC?
  • - Which advisory services, client types, assets under management, private funds, related persons, custody facts, disciplinary history, and conflicts must be disclosed?
  • - Does the Part 2A brochure match actual fees, conflicts, investment methods, custody, disciplinary events, and client arrangements?
  • - Which states require notice filing, registration, IAR registration, or withdrawal after SEC effectiveness?
  • - Does any compensation, placement, solicitation, or execution feature raise broker-dealer questions?

Evidence pack

Form ADV and IARD

  • - IARD entitlement, account funding, Form ADV Part 1A, schedules, execution page, private fund reporting where relevant, and registration status tracking.
  • - SEC eligibility memo and state notice filing/registration map.
  • - Annual updating amendment and other-than-annual amendment ownership after effectiveness.

Brochure and compliance

  • - Part 2A brochure and brochure supplement plan, including fees, conflicts, disciplinary history, custody, brokerage, performance, and supervised-person information.
  • - Compliance manual, code of ethics, advertising/marketing review, books and records, custody memo, fee billing, client agreement, privacy, and cybersecurity controls.
  • - Private fund offering/disclosure tie-out where Form ADV, fund documents, marketing materials, and compliance procedures must agree.

People and public register

  • - Chief compliance officer authority, supervised-person map, IAR/state exam and registration assumptions, disciplinary history, and outside business/activity checks.
  • - IAPD public-disclosure review after effectiveness and after amendments.
  • - Broker-dealer red-flag memo for transaction compensation, placement activity, introductions, or execution routing.

People and governance

  • - The CCO should have credible authority and access, not merely a name on the compliance manual.
  • - State IAR registration may apply even where the firm registers with the SEC.
  • - Supervised-person brochure supplements, disciplinary history, outside activities, and marketing roles should be checked before filing.
  • - Private fund advisers should align investment committee, valuation, custody, audit, side-letter, and conflicts ownership.

Forms and submission

  • - Set up IARD access, fund the IARD account where required, prepare Form ADV Part 1 and Part 2, and submit electronically through IARD.
  • - Track Registration/Reporting Status and respond if SEC staff identifies missing or unclear items.
  • - After effectiveness, verify IAPD, Form ADV public display, state filings, client delivery, and annual amendment ownership.

Timeline risks

  • - The SEC generally has 45 days after receipt of Form ADV to declare registration effective if the filing is complete and proper.
  • - A new 45-day period can begin if an incomplete application is returned and resubmitted.
  • - Late-year filings can interact with annual amendment timing, and state registration/notice/IAR issues can remain separate from SEC effectiveness.

Questions to ask advisers

  • - Is SEC registration actually available, or is state registration required first?
  • - Does the brochure disclose the real economics, conflicts, custody, and marketing practices?
  • - Does the model include broker-dealer activity despite being described as advisory?
  • - Which state IAR and notice filing obligations continue after SEC effectiveness?

Common mistakes

  • - Calling the firm SEC registered before effectiveness or implying registration means skill or endorsement.
  • - Submitting a brochure that does not match the fee model, fund documents, or marketing materials.
  • - Ignoring custody because assets are held at a third-party custodian while the adviser can deduct fees or control movement.
  • - Treating state and IAR questions as solved by SEC adviser registration.

Disclaimer

Information on LicenseCompare is for general educational purposes only and does not constitute legal, regulatory, financial, tax, investment, or professional advice. Licensing requirements depend on facts and change over time. Always consult official regulator materials and qualified professional advisers.