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Complete the following steps to apply for IA licensure:
Note: If you are employed by or sponsored by an IA, you may request to take an exam by marking the appropriate sections on the Form U-4. Alternatively, you may file a copy of the Form U-10 in order to take the exam.
Step 2) Submit the required license fee and any required examination fee.
Step 3) File Form U-4. Instructions for completing and filing the form can be found on the "Forms" section of this site. Form U-4 must be submitted by or on behalf of every IAR seeking to be employed by the IA.
Note: A sole proprietor is both an IA and an IAR so therefore must submit both an ADV and a Form U-4.
Or via express/overnight delivery to:
Note: Firms may also submit their payments by electronic payment via Web CRD/IARD E-Pay or by wire transfer.
The following is a list of frequently asked questions and their answers regarding the Colorado regulations of investment advisers and investment adviser representatives.
1. Q: I am a sole proprietor. Do I need to submit two "IARD Account Administrator Entitlement" Forms?
2. Q: I am only licensed in Colorado and not with the SEC. Do I need to file through the IARD?
3. Q: Which people or entities that provide investment advisory services are subject to the Colorado Securities Act?
4. Q: What is a Federal Covered Adviser or "FCA"?
5. Q: What do I file if I am an FCA?
6. Q: What do I file if I am an FCA with no place of business in Colorado and I do not employ or otherwise engage an individual with a place of business in Colorado to act as an IAR?
7. Q: Are there any exemptions from licensing for a state-licensed IA located in another state that has no place of business in Colorado?
8. Q: What is required of a state-licensed IA located in another state, has five or less clients in Colorado and employs one or more IARs with a place of business in Colorado?
9. Q: I am a financial planner. Do the Colorado laws and regulations apply to me?
10. Q: Which individuals working for my investment advisory company need to be licensed?
11. Q: May I be dually licensed as an investment adviser representative and a sales representative for a broker-dealer?
12. Q: What forms will I have to file with the division? How many copies? Do you require original signatures?
13. Q: I understand I should file a Consent to Service of Process also. Where do I get that form?
14. Q: I don't have a Form ADV or a Form U-4. How can I obtain them?
15. Q. Am I required to submit a fingerprint card with my U-4?
16. Q: What examinations must IARs take in order to qualify for a license in Colorado?
17. Q: Will FCAs, IAs or IARs receive some kind of evidence of their license?
18. Q: When should I amend Forms ADV or U-4 to reflect a material change?
19. Q: How do FCAs, IA or IARs terminate with the Colorado Division of Securities?
20. Q: Does Colorado have a surety bond requirement for IAs?
21. Q: In the past, we were required to file ADV updates with the SEC within 90 days of the end of our fiscal year (typically that meant by March 31). Does Colorado require the same kind of annual filing?
22. Q: Does the Division require the filing of annual audits or financial statements?