In addition to paying all the state’s registration filing fees, advisors must complete the following:
Filing with FINRA
To apply in Virginia, advisors must apply for access to FINRA's WebCRD/IARD online system. Virginia uses FINRA to process applications, but FINRA doesn’t supervise RIA firms.
Apply for an account to FINRA's WebCRD/IARD
RIAs are not regulated or supervised by FINRA, but the state uses FINRA's system to process applications. As a result, advisors must apply for an account through FINRA's WebCRD/IARD online system.
Form ADV Part 1 (online only) Form ADV Part 2A provides information about the RIA only. Personal information is included in Form U4 and ADV Part 2B. This form is the online aspect of the registration. It’s also used to upload Form ADV Part 2A and Form ADV Part 2B.
Form ADV Part 2A (paper and online)
This brochure provides information about the RIA, such as fees, services, disciplinary actions, and other details. It should be given to all potential and current clients. The state of Nebraska requires it to be written in clear and easily understandable language.
Form ADV Part 2B (paper and online)
Form ADV 2B is a brochure that Investment Adviser Representatives (IARs) must give clients. It includes information on employment history, education, potential conflicts of interest, and disciplinary actions. This form is typically required for Executive Officers, those who give investment advice to clients, and representatives who advise clients.
Code of Ethics
Advisors must submit this to show Virginia they meet the state's standards.
Client Advisor Contract
The client advisory contract must comply with the regulatory standards for client advisory contracts established by the state of Nebraska. It must also have an investment policy statement.
Policies and Procedures Manual
The manual is the main source for ensuring firm policies are followed, including handling client grievances and instructing new Investment Adviser Representatives. It also includes crucial plans like the Business Continuity Plan, Anti-Insider Trading Policy, Anti-Money Laundering Policy, and Information Security Policy.
To register as an RIA in Nebraska, one must meet financial statement requirements, attain specific professional designations, and submit the required forms and documents. Starting an RIA can be overwhelming, but resources are available to help. Our team has developed a comprehensiveRIA launch kitto assist in getting started.
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