February 6, 2014

Minnesota IARs - Did you register?

The registration for Investment Advisor Representative (IAR) registrations in Minnesota is January 31, 2014

In August 2013, Minnesota enacted a law bringing its IAR rules in line with virtually every other state. [See August Post]. Effective August 31, 2013, Minnesota law required formal registration for all IARs.

Due to system delays at FINRA, the Minnesota Department of Commerce issued [“Implementation of Registration Process for Investment Adviser Representatives.” dated October 31, 2014], which set forth the required filing period [November 1, 2013 to January 31, 2014].

A Form U4 must be filed for each IAR. Further, each IAR must have completed the required examinations [Series 65 or 66] or have a recognized exemption from the examination requirements [CFP®, ChFC®, CFA®, PFS, or CIC designations in good standing].

If you are in need of assistance with these requirements, please contact us at info@advisorassist.com or call 617-800-0388.

Below is a notice emailed to advisor from the Minnesota Department of Commerce.

Minnesota issued an update to all Minnesota Registered Investment Advisors on February 6, 2014

As of February 1, 2014 The Minnesota Department of Commerce has closed the initial Investment Advisor registration window. This allowed investment advisors to register with the State of Minnesota without first meeting an exam requirement per the Amended Order (.pdf) issued on October 31st, 2013.

Any applications that have been submitted on or prior to January 31st 2014, will be reviewed and processed as outlined in the amended order. Any applications received on or after February 1, 2014 will need to comply with the requirements as outlined in Minnesota Statute 80A.58 [AA Note: which requires the Series 65 or 66 exam or specific exemption].

To date, close to 10,000 investment advisor representatives have been approved for registration and more than 2,000 refunds have been issued to firms. If you are waiting for a refund please remember to send the following information to the Securities Registration mailbox.

Firm Name/CRD Number
Individual name/CRD number
Transaction Number & Transaction Date
Posting Date
Dollar Amount
Hire Date

Please send questions or comments to: securities.commerce@state.mn.us.

For additional information please visit the Securities Registration and Enforcement Section of the Minnesota Department of Commerce website.


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