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Licensing & Compliance For more information
Investment Adviser Representatives call the Division at (801) 530-6600
FORMS
  • Form U-4
    Uniform Application for Securities Industry Registration or Transfer
  • Form U-5
    Uniform Termination Notice for Securities Industry Registration
  • Form U-10 (Online Application and Instructions)
    Uniform Examination Request for non-FINRA Candidates

All forms for investment adviser representatives are filed electronically through the CRD system.

LICENSING FEES
Investment Adviser (new/renewal) $100.00
Investment Adviser Representative (new/renewal) $50.00

All fees are processed through the CRD/IARD system.  Do NOT send payment to the Division.  These fees do NOT include any fees charged by FINRA for maintenance of the CRD/IARD system.

 

In addition to the firm, individuals may also need to license if they provide investment advisory services in Utah or act as a partner, officer, director of an advisory firm, or occupy a similar status.  The advisory services that would require an individual to be licensed as investment adviser representative include:

  • Making recommendations or otherwise rendering advice regarding securities;
  • Managing brokerage accounts or securities portfolios of clients;
  • Managing an investment fund that invests in securities;
  • Determining which recommendations or what advice regarding securities should be given;
  • Soliciting, offering, or negotiating for the sale of or selling investment advisory services;
  • Or supervises employees who perform any of the acts described above.

To determine whether a particular business would be required to license as an investment adviser, please review the Division’s "Do I Need a License?" page or contact the Division at (801) 530-6600.

For more information on investment advisers and the licensing process, please review the information below.

Definitions
"Investment Adviser Representative," is defined in 61-1-13(1)(r)(i) of the Utah Uniform Securities Act ("Act"), as "any partner, officer, director of, or a person occupying a similar status or performing similar functions, or other individual, except clerical or ministerial personnel, who: (a)(i) is employed by or associated with an investment adviser who is licensed or required to be licensed under this chapter; or (ii) has a place of business in this state and is employed by or associated with a federal covered adviser; and (b) does any of the following: (i) makes any recommendations or otherwise renders advice regarding securities; (ii) manages accounts or portfolios of clients; (iii) determines which recommendations or advice regarding securities should be given; (iv) solicits, offers, or negotiates for the sale of or sells investment advisory services; or (v) supervises employees who perform any of the foregoing."
Initial License
Division Rule 164-4-2 of the Act outlines the requirements to license an Investment Adviser Representative. Following is a summary of this rule.
  • For applicants seeking a license as an Investment Adviser Representative, the following must be filed with the IARD:
    1. Form U-4 – Uniform Application for Securities Industry Registration or Transfer. (instructions)
    2. Examination – Proof that investment adviser representative has passed the Series 65 or Series 66 examination.
    3. Filing Fee – $50.00 fee for investment adviser representative registration.
Investment Adviser Representative Examination Information
  • The following is the process by which an individual may take the Series 65 or Series 66 Examination. Exams may be required to become licensed as an Investment Adviser or Investment Adviser Representative.
  1. The applicant must request to take the exam from FINRA. This is done by filing with FINRA Form U-4, page 1, if the Investment Adviser (firm) is a FINRA member; or, Form U-10 if the Investment Adviser (firm) is not a FINRA member.  The filing fee must accompany the exam request.  The fee is currently $135.00 for the Series 65 exam and $128.00 for the Series 66 exam.  The applicant may call FINRA at (301) 590-6500 to request Form U-10.
  2. FINRA will notify the applicant in writing when the applicant has been approved to take the examination. FINRA will provide the applicant with the exam location and scheduling procedure.
  3. Study information is available from the following for a fee:

    NASAA
    One Massachusetts Avenue N.W., Suite 310
    Washington, D.C. 20001
    Phone: (202) 590-6500
    (This is only an outline of the areas covered in the exam)

    Securities Seminars
    9500 South 500 West, Suite 209
    Sandy, UT 84070
    Phone: (801) 255-4010

    Additional vendors:  http://www.nasaa.org/industry___regulatory_resources/exams/887.cfm

  4. The exam is administered by Sylvan Technology Center: (800) 578-6273. The applicant may schedule an appointment to take the exam only after the FINRA notification of approval.
  5. Upon successful completion of the Series 65 or 66, the applicant may apply for licensure as an Investment Adviser Representative with the Utah Division of Securities.
License Renewal

All Investment Adviser Representative licenses expire on December 31 of each year. To renew the license, the applicant must submit the $50.00 filing fee to the IARD along with the firm's renewal information.  (See "License Renewal" under Investment Adviser page for more detailed Investment Adviser renewal).

License Withdrawal

To withdraw license or application upon a representative's employment termination with an Investment Adviser, a Form U-5, Uniform Termination Notice for Securities Industry Registration, must be filed with the IARD.