Investment Advisers

Applicants for Investment Adviser registration or Federal Covered Adviser notification with the state of Florida are subject to the requirements found in Chapter 517, Florida Statutes (F.S.), the Florida Securities and Investor Protection Act (Act) and the administrative rules, Sections 69W-100 through 69W-1000, Florida Administrative Code (F.A.C).

No investment adviser or federal covered adviser shall engage in business from offices in this state, or render investment advice to persons of this state, unless the federal covered adviser has made a notice filing with the office pursuant to Chapter 517.1201, F.S., or the investment adviser is registered pursuant to the provisions of Chapter 517.12, F.S.

Exclusions from the definition of investment adviser are set forth in Section 517.021(13)(b), F.S. Any person who claims entitlement to any of the exclusions bears the burden of proving such entitlement.

All registrations and notice filings expire at the end of each calendar year and must be renewed timely for the registrant/notice filer to remain authorized to do business in Florida.

Notice regarding Investment Adviser Switch to State Registration

Investment Advisers (State Registered)
An investment adviser is generally defined as any person who receives compensation in the business of advising others as to the value of securities or as to the advisability of investments in, purchasing of, or selling of securities. Investment advisers must obtain registration in the states where they conduct business.

Federal Covered Advisers and Dodd-Frank Act
Federal Covered Advisers must be registered with the U.S. Securities and Exchange Commission (SEC) and notice filed in the state jurisdiction where the adviser conducts business. Contact the SEC for information related to federal registration.

Prior to the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act by Congress on July 21, 2011, federal covered advisers were defined as investment advisers with more than $25 million in assets under management. Investment Advisers with less than $25 million in assets under management were subject to state registration and regulation in the states where they did business. The Dodd-Frank Act provided for restoration of state jurisdiction over federal covered advisers with less than $100 million in assets under management. This involved switching these advisers from SEC to state registration and regulation by July 21, 2011. However, implementation for the switch is now slated for early 2012.