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Karen Tyler

Commissioner
ND Securities Department
600 East Boulevard Avenue
State Capitol, 5th Floor
Bismarck, ND 58505-0510
Phone: (701)-328-2910
Toll Free: (800)-297-5124
Fax: (701)-328-2946
Grafton Office
701 W 6th Street, #312
Grafton, ND 58237
Phone: 701-352-4592

Investment Adviser Notice Filers

Person signing a form with a pen
  1. Federal Covered Advisers are required to file through the Investment Adviser Registration Depository (IARD) a notice filing consisting of:
    1. Part 1 and Part 2 of the most recent ADV. See link below for IARD system fee waiver.
    2. $100 filing fee (paid through the IARD).
  2. NORTH DAKOTA DOES NOT REQUIRE THE SUBMISSION OF ANNUAL AUDITED FINANCIAL STATEMENTS.

Exemption: The following federal covered Investment Advisers are not required to comply with the notice filing requirement:

  1. A federal covered Investment Adviser without a place of business in this state if its only clients are:
    1. Federal covered Investment Advisers, Investment Advisers registered, and broker-dealers registered;
    2. Institutional investors; or
    3. Bona fide preexisting clients whose principal places of residence are not in this state.
  2. A federal covered Investment Adviser without a place of business in this state if the person has had, during the preceding twelve months, not more than five clients that are residents in this state in addition to those specified under paragraph 1.

The notice filing and representative filing will be effective from receipt until the following December 31. Renewal fees are the same as initial filing fees.

Policy Statement - IA and IAR Exam Requirements

Effective Date - September 1, 2001

  1. Current Exam Requirements. An individual applying to be registered as an Investment Adviser or an Investment Adviser representative must have a passing score on the following examinations:
    1. The Uniform Investment Adviser Law Examination (Series 65 examination, as modified on January 1, 2000); or
    2. The General Securities Representative Examination (Series 7 examination) and the Uniform Combined State Law Examination (Series 66 examination, as modified on January 1, 2000).
  2. Grandfathering Provisions.
    1. Any individual who is currently registered as an Investment Adviser or an Investment Adviser representative in any jurisdiction in the United States on the effective date of this policy shall not be required to satisfy the examination requirements for continued registration, except that the Commissioner may require additional examinations for any individual found to have violated any state or federal securities or investment advisory law.
    2. An individual who has not been registered as an Investment Adviser or an Investment Adviser representative in any jurisdiction for a period of two years shall be required to comply with the examination requirements set forth in paragraph 1.
  3. Automatic Waiver. The examination requirements shall not apply to an individual who provides proof to the Commissioner that he currently holds one of the following professional designations:
    1. Certified Financial Planner (CFP) awarded by the International Board on Policy for Certified Financial Planners, Inc.;
    2. Chartered Financial Consultant (ChFC) awarded by the American College, Bryn Mawr Pennsylvania;
    3. Personal Financial Specialist (PFS) awarded by the American Institute of Certified Public Accountants;
    4. Chartered Financial Analyst (CFA) awarded by the Institute of Chartered Financial Analysts;
    5. Chartered Investment Counselor (CIC) awarded by the Investment Advisor Association; or
    6. Such other designation as the Commissioner may recognize.