|Licensing & Compliance
||For more information
|Investment Adviser Representatives
||call the Division at (801) 530-6600
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.
"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."
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:
- Form U-4 – Uniform Application for Securities Industry Registration or Transfer. (instructions)
- Examination – Proof that investment adviser representative has passed the Series 65 or Series 66 examination.
- 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.
- The applicant must request to take the exam from
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.
- 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.
- Study information is available from the following for a fee:
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)
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
- 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.
- 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.
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).
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.