N.Y. Comp. Codes R. & Regs. tit. 13 § 11.4

Current through Register Vol. 46, No. 43, October 23, 2024

Section 11.4 - Registration information

(a) Initial application. The application for initial registration as an investment adviser pursuant to these rules shall be made by completing Form ADV (Uniform Application for Investment Adviser Registration) (17 C.F.R. 279.1) in accordance with the form instructions and by filing the form with CRD/IARD. The application f or initial registration as an investment adviser representative pursuant to these rules shall be made by completing Form U4 in accordance with the form instructions and by filing the form with CRD/IARD. (Both Form ADV: General Instructions and the General Instructions for Part 2 of Form ADV are published by the U.S. Securities and Exchange Commission, 1 00 F Street, NE Washington, DC 20549. Form U4 Uniform Application f or Securities Industry Registration or Transfer General Instructions is published by FINRA, 1735 K St NW, Washington, DC 20006. These instructions are viewable at https://ag.ny.gov/forms).

(b) Time for filing. Unless an application for a new investment adviser representative is filed in accordance with subdivision (i), an investment adviser or investment adviser representative application must be filed with CRD/IARD and approved by the State prior to engaging in investment advisory activities in the State of New York.

(c) Where registration required. All investment advisers and solicitors with more than five (5) clients in the State of New York must make application to register as an investment adviser, unless such solicitor is a federally covered investment adviser, or is otherwise exempt from registration with the State under § 11.13. All principals, investment adviser representatives and supervisors must apply for registration in connection with their representation of any investment adviser or solicitor. All investment adviser representatives f or a federally covered investment adviser must apply f or registration in connection with their representation.

(d) Annual renewal. The application for annual renewal as an investment adviser, solicitor an d investment adviser representative shall be filed with CRD/IARD. The application for annual renewal registration shall include the required fee and any other information the Department of Law may reasonably require.

(e) Length of registration. The registration is for a calendar year or for that remaining part of the calendar year in which it is submitted.

(f) Updates and amendments.

(1) Investment advisers and solicitors must file with CRD/IARD, in accordance with the instructions in the Form ADV, any amendments to the investment adviser ' s Form ADV.

(2) All investment adviser representatives, and all principals and supervisors f or a n y investment adviser, must file Form U4 or U5, as appropriate, on CRD/IARD and must amend such form s in accordance with the respective form's instructions. (Form U5 Uniform Termination Notice for Securities Industry Registration General Instructions published by FINRA, 1735 K St NW, Washington, DC 20006 are viewable at https://ag.ny.gov/forms.)

(3) An amendment will be considered to be filed promptly if the amendment is filed within thirty (30) days of the event that requires the filing of the amendment.

(4) Investment advisers and solicitors must file with CRD/IARD, an updated Form ADV within ninety (90) days after the end of the investment adviser or solicitor's fiscal year.

(g) Completion of filing. An application for initial or renewal registration is not considered filed for purposes of these rules until the required fee and all required submissions have been received and accepted by the Department of Law or the designee.

(h) Single person firms set up as sole proprietorships need only pay the fee for the investment adviser, not the investment adviser representative, but must file both Form ADV and Form U4, and follow all other requirements for investment advisers and investment adviser representatives as detailed herein. Th e f ore go in g does not apply if the firm is incorporated or organized as a limited liability company.

(i) Implementation Period. Except as provided below, any person who, prior to February 1, 2021, was serving continuously and permissibly in any capacity covered under this Part, and who, through continued service, is subject to the registration requirements under this Part on or after February 1, 2021, may continue such service without an approved registration until December 2, 2021 without violating the registration provisions of GBL § 359-eee or this Part, so long as a Form U4 requesting investment adviser representative registration in New York for that person is submitted on or before August 31, 2021. Should an applicant be notified of a non-examination related deficiency in the application, the applicant will have fourteen (14) days to correct such deficiency and communicate the correction to the Department of Law. Any applicant whose application is denied, or who fails to correct the deficiency and communicate the correction within fourteen (1 4) days, and who continues to engage in activity requiring registration after notification of such denial or expiration of those fourteen days, shall be in violation of this Part and GBL § 359-eee. Applicants with examination-related deficiencies must correct such deficiencies in accordance with the requirements of section 11.6 or 11.7 of this Part. Nothing in this section shall excuse, relieve or limit liability of any person who violated examination or registration requirements in existence prior to February 1, 2021, nor shall it provide any extension, grace period or waiver to such person.

N.Y. Comp. Codes R. & Regs. Tit. 13 § 11.4

Amended New York State Register July 3, 2018/Volume XL, Issue 27, eff. 7/3/2018

Amended New York State Register December 2, 2020/Volume XLII, Issue 48, eff. 2/2/2021