How Much Does It Cost To Register With The Sec

In general, besides a few notable exceptions, registered investment adviser (RIA) firms with $100 million on greater in assets nether management (AUM) are required to register with the SEC. However, in that location are four types of annual filing fees that an RIA firm registered with the SEC may be required to pay during the initial registration process and when renewing the firm'due south registration in subsequent years.

The four types of almanac filing fees that an SEC-registered RIA firm may be responsible for are:

SEC initial registration and annual update amendment fees
Country notice filing fees
Private investment adviser rep (IAR) filing fees
State branch office fees

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SEC Initial Registration and Annual Update Amendment Fees

The SEC initial registration and almanac update subpoena fees are based on the informational firm's total regulatory assets under management at the time of the Class ADV filing. The initial and almanac update amendment fees are soon as follows:

Less than $25 one thousand thousand AUM: $40
$25-$100 1000000 AUM: $150
$100 one thousand thousand or more AUM: $225

The SEC will not review an informational firm's initial application until the initial filing fee has been paid. Similarly, an RIA house is not able to file it'southward annual updating amendment until it has paid the annual update amendment fee.

State Notice Filing Fees

Even though an RIA firm may be registered at the federal level with the SEC, the firm is withal required to make the proper country discover filings. These discover filing fees are paid straight to the relevant states and range from $30 (land of Idaho) to $400 (country of Illinois). Some states do offer a discount in time to come years afterwards the initial detect filing fee is paid.

Land Investment Adviser Representative Registration Fees

Information technology's as well important to notation that all individual IAR registrations are handled at the state level regardless of whether firm is registered at the state or SEC level. In full general, SEC-registered RIA firms are required to register an individual IAR in the state in which the IAR is physically located. These fees range from $0 (states of Louisiana and Minnesota) to $285 (country of Texas) per year.

Land Branch Office Fees

A small-scale scattering of states require SEC-registered RIA firms with a branch office in their state to pay an annual branch office filing fee. Often these fees paid are paid separately via check and are by and large less than $100.

When Annual Filing Fees Are Paid

Afterward the initial registration, all fees paid to the state(south) (these would be observe filing, IAR, and branch office fees) are generally due a few weeks earlier the cease of each calendar twelvemonth. For this year'southward renewal flavour, fees were due on December 12, 2014. On the other hand, the SEC annual amendment filing fee is not due until the house attempts to file its almanac Class ADV subpoena filing. The filing will non exist accustomed until the SEC fee is paid. Firms are mostly required to file the amendment inside xc days of the firm's fiscal year cease (e.g. March 31 for firms with a Dec 31 financial year end).

As RIA compliance consultants, we strongly encourage the Chief Compliance Officer (CCO) of each investment advisory firm registered with the SEC to review its business firm operations to ensure that the firm has made all of the necessary filings and submitted the proper payments.

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