Iowa Admin. Code r. 191-50.31

Current through Regsiter Vol. 46, No. 26, June 12, 2024

Rule 191-50.31 - Investment adviser applications and renewals

(1)Investment adviser applications -required filings. The application for initial registration as an investment adviser shall be made by:

a. Filing Form ADV Parts 1 and 2 with IARD; and

b. Remitting the $100 filing fee to IARD pursuant to Iowa Code section 502410(3)..

(2)Investment adviser applications -discretionary filings. The administrator may require that an application for initial registration also include the following:

a. Financial statements as set forth in paragraph 50.42(1)"f" including, but not limited to, a copy of the balance sheet for the last fiscal year and, if the balance sheet is prepared as of a date more than 45 days from the date of the filing of the application, an unaudited balance sheet prepared in accordance with subrule 50.40(7);

b. A copy of the surety bond required pursuant to rule 191-5041. (502), if any; and

c. Any other information necessary for determining whether registration is appropriate.

(3)Investment adviser renewals -required filings. Annual renewals by investment advisers shall be made by:

a. Filing an annual renewal registration with IARD; and

b. Remitting the $100 filing fee to IARD as required pursuant to Iowa Code section 502410(3)..

(4)Investment adviser renewals -discretionary filings. The administrator may require the filing of a copy of the surety bond, if any, required pursuant to rule 191-5041. (502).

(5)Completion of filing. An application for initial or renewal registration is considered filed for the purposes of Iowa Code section 502406. when the required fee and all required submissions have been received by IARD and the administrator.

(6)Updates and amendments. The investment adviser is under a continuing obligation to update information provided on Form ADV as follows:

a. An updated Form ADV must be filed with IARD within 90 days of the end of the investment adviser's fiscal year; and

b. Any amendment to Form ADV must be filed with IARD within 30 days of the event causing the required amendment.

(7)Succession and change in registration.

a. In the case of an organizational change, including a change in the state of incorporation or form of organization, not involving a material change in financial condition or management, an investment adviser shall file all applicable amendments to Form ADV.

b. In the case of an organizational change, including a change in the state of incorporation or form of organization, involving a material change in financial condition or management, an investment adviser must file a new application for registration pursuant to subrule 50.31(1). The filing must include the fee pursuant to paragraph 50.31(1)"b " and registration fees for all Iowa-registered investment adviser representatives.

c. In the case of a change in name, an investment adviser shall file all applicable amendments to Form ADV.

This rule is intended to implement Iowa Code sections 502.102(8) and 502.406.

Iowa Admin. Code r. 191-50.31

ARC 1076C, IAB 10/2/2013, effective 11/6/2013