Current through August 31, 2023
01.
Initial Application. The
application for initial registration as an investment adviser, pursuant to
Section 30 -14-406,
Idaho Code, shall be made by completing Form ADV which can be found at
17 CFR
279.1 in accordance with the form
instructions and by filing the form with IARD. The application for initial
registration shall also include the following: (3-23-22)
a. Proof of compliance by the investment
adviser with the examination requirements of Section
103 of these rules;
(3-23-22)
b. A bond of a surety
company duly authorized to transact business in this state, said bond to be in
the sum of twenty-five thousand ($25,000) and conditioned upon faithful
compliance with the provisions of the Act by the investment adviser such that
upon failure to so comply by the investment adviser, the surety company shall
be liable to any and all persons who may suffer loss by reason thereof. Except
that an investment adviser that has its principal place of business in a state
other than this state shall be excluded from these bonding requirements
provided that such investment adviser is registered as an investment adviser in
the state where it maintains its principal place of business and is in
compliance with such state's bonding or minimum net worth requirements;
(3-23-22)
c. A copy of the
investment advisory contract to be executed by Idaho clients;
(3-23-22)
d. A balance sheet,
prepared substantially in accordance with Generally Accepted Accounting
Principles, dated as of the investment adviser's prior fiscal year-end;
however, if the investment adviser has not been in operation for an entire
year, a balance sheet dated within ninety (90) days of filing shall be
submitted; (3-23-22)
e. The fee
required by Section
30-14-410, Idaho Code; and;
(3-23-22)
f. Any other information
the Department may reasonably require. (3-23-22)
02.
Incomplete Applications.
After a period of six (6) months from the date of receipt by the Department, an
incomplete application will automatically be considered abandoned and withdrawn
if the requirements have not been fulfilled. (3-23-22)
03.
Annual Renewal. The
application for annual renewal registration as an investment adviser shall be
filed with IARD according to their policies and procedures. The application for
annual renewal registration shall include the fee required by Section
30 -14-410, Idaho Code.
(3-23-22)
04.
Applications
Prior to Expiration. An application for the renewal of the registration
of an investment adviser must be filed with the Department before the
registration expires, which is the thirty-first day of December next following
such registration, per the provisions of Section
30-14-406 (d), Idaho Code, unless
an order is in effect under Section
30-14-412, Idaho Code. Any
registration that is not renewed within that time limit will be deemed to have
lapsed, thus requiring the investment adviser to reapply for registration with
the Department in accordance with the requirements of the Act.
(3-23-22)
05.
Updates and
Amendments. (3-23-22)
a. An investment
adviser must file with IARD, in accordance with the instructions in Form ADV,
any amendments to the investment adviser's Form ADV All investment advisers
must assure that current and accurate information is on file with the
Department at all times. If information in an application for registration
becomes inaccurate or incomplete, additional information must be submitted
through updates on the Form ADV or by direct notice to the Department. An
amendment will be considered to be filed promptly if the amendment is filed
within thirty (30) days of the event that requires the filing of the amendment.
(3-23-22)
b. Within ninety (90)
days of the end of the investment adviser's fiscal year, an investment adviser
must file a copy of the investment adviser's balance sheet as of the prior
fiscal year-end. (3-23-22)
c.
Litigation Notice. Any investment adviser shall notify the Administrator in
writing or through the IARD of any civil, administrative, or criminal
complaint, petition, or pleading issued or filed against him and of any
bankruptcy proceeding filed by or against him within thirty (30) days of his
receipt of the initial pleading. This requirement does not include minor
traffic violations or minor civil actions unrelated to the registrant's
business as an investment adviser. (3-23-22)
d. Notice of Address. Every investment
adviser shall provide the Department, through IARD, with an address
sufficiently descriptive to allow service of process pursuant to the Idaho
Rules of Civil Procedure. (3-23-22)
06.
Completion of Filing. An
application for initial or renewal registration is not considered filed for
purposes of Section
30-14-406, Idaho Code, until the
required fee and all submissions have been received by the Administrator and
until the investment adviser is registered in the jurisdiction where it
maintains its principal place of business. (3-23-22)
07.
Deferral of Effectiveness.
The Administrator may defer the effective date of any registration until noon
on the forty-fifth day after the filing of any amendment completing the
application. (3-23-22)
