IA Application & Effective Date
🔑 Numbers & deadlines
| Item | Figure / deadline | Applies to |
|---|---|---|
| SEC review period | 45 days — registration typically granted on the 45th day after filing | Federal-covered advisers |
| State administrator review period | 30 days — registration typically granted on the 30th day after filing, at noon | State-registered advisers |
| Registration application form | Form ADV | All investment advisers |
45 = federal (SEC); 30 = state (administrator). The state effective moment is noon on the 30th day — the “at noon” detail appears only on the state side.
Who reviews the application
Once an investment adviser has submitted all required paperwork and met the general requirements, the appropriate regulator reviews the application. The regulator depends on how the adviser is registered.
| Adviser type | Reviewing regulator | Review period |
|---|---|---|
| Federal-covered adviser | The Securities and Exchange Commission (SEC) | 45-day review period |
| State-registered adviser | The state administrator | 30-day review period |
What the regulator looks for in the filing
| Item | Note |
|---|---|
| Form ADV disclosures | 🔑 The adviser registration form |
| Filing fees | Must accompany the application |
| Consent to service of process | Appoints the administrator to receive legal papers |
| Net worth requirements | Confirmation the adviser meets the minimum |
| Surety bonds | If required |
- If everything is complete and meets the requirements, the adviser’s registration becomes effective.
Registration is not approval
- ⚠️ As with broker-dealers and agents, an adviser can’t suggest that registration means the regulators have approved or endorsed the adviser.
- Effective registration signifies only that a financial professional may legally operate in a state.
Key points
Effective registration
- Signifies a financial professional may legally operate in a state
- Granted after the investment adviser submits:
- Form ADV disclosures
- Filing fees
- Consent to service of process
- Confirmation meeting minimum net worth
- Surety bonds (if required)
- Typically granted on the:
- 30th day after filing at noon (state)
- 45th day after filing (federal)
- Does not relate to approval
Sources
Primary/official references for the material in this chapter. Every link was fetched and returned HTTP 200 on 2026-08-15.
| # | Source | Publisher |
|---|---|---|
| 1 | Uniform Securities Act 1956 with NASAA updates — the tested statute | NASAA |
| 2 | Adviser and IAR public disclosure — Form ADV as filed | SEC (IAPD) |
| 3 | State IA registration resources, forms and fees | NASAA |
| 4 | Achievable Series 65 — chapter 4.3.3.4 | Achievable (course text) |
204