New Jersey Administrative Code
Title 13 - LAW AND PUBLIC SAFETY
Chapter 47A - BUREAU OF SECURITIES
Subchapter 2 - INVESTMENT ADVISERS
Section 13:47A-2.1 - Application for investment adviser registration

Universal Citation: NJ Admin Code 13:47A-2.1

Current through Register Vol. 56, No. 18, September 16, 2024

(a) Any person desiring to act as an investment adviser, as defined in 49:3-49(g), within or from the State of New Jersey, shall file an application with the Bureau on the Form ADV, Uniform Application for Investment Adviser Registration, or a successor form, together with all relevant schedules, unless that person is registered as an investment adviser under Section 203 of the Investment Advisers Act of 1940 ( 15 U.S.C. § 80b-3) , as amended, or is not so registered because that person is excepted from the definition of investment adviser under Section 202(a)(11) ( 15 U.S.C. § 80b- 2(a)(11) ). The Form ADV may be filed with the Bureau by filing it with the Investment Adviser Registration Depository (IARD) or its successor and by designating in the Form ADV that the applicant intends to apply for registration in New Jersey. The Form ADV shall contain an original notarized signature, unless the Form ADV is filed with the Bureau by electronically filing it with the IARD. If the Form ADV is filed with the Bureau by electronically filing it with the IARD, the signature requirements required by the Bureau shall conform to the electronic signature requirements in place for filing with the IARD. The 30-day time period for review of an application will not commence until the applicant files all documents or information specified and requested by the Bureau.

(b) Such Form ADV shall be accompanied by:

1. A consent to service of process executed by the applicant. A fully completed and executed Part I, Domestic Investment Adviser Execution Page of the Form ADV shall satisfy this requirement;

2. A certified statement of the applicant's most current financial condition as of a date within 60 days of the application; or provided the applicant has been engaged in business for one year or more preceding the date of the application, a certified financial statement as of the end of its last fiscal period, along with an unaudited balance sheet as of a date within 60 days of the application. An applicant with its principal place of business outside this State may file with the Bureau its statement of most current financial condition, as defined under the law of the state in which the applicant has its principal place of business, to satisfy this requirement, provided that the applicant is registered or licensed in the state that is its principal place of business and the applicant is in compliance with the applicable books and records requirements of the state in which the applicant maintains its principal place of business. The Bureau will accept a financial statement accompanied by a notarized certification from an individual applicant or an officer, director, or general partner of the applicant corporation or partnership attesting to the accuracy of the information contained in the financial statement in lieu of a "certified statement," if the investment adviser does not have custody of client funds as defined in 13:47A-7.2 or if the investment adviser has custody solely due to direct fee deduction arrangements;

3. A copy of a sample investment advisory contract;

4. A sample of any business card, letterhead, brochure, circular, advisory newsletter, form letter, advertisement or other sales literature or advertising communication, addressed or intended for distribution to clients or prospective clients;

5. Any other information the Bureau may request;

6. The Notice of Withdrawal from Registration as an Investment Adviser, Form ADV-W, as filed with the U.S. Securities and Exchange Commission, if the investment adviser has withdrawn or is withdrawing from SEC registration;

7. The requisite registration fee in the amount of $ 375.00 shall be submitted with the application filed with the IARD for electronic filers or to the Bureau in a check or money order payable to the State of New Jersey, Bureau of Securities, for paper filers; and

8. If the applicant is registered in another state and has its principal place of business in another state, but has a place of business in New Jersey, the applicant shall also file a certification that it is in compliance with the requirements of the state in which it has its principal place of business with respect to that state's books and records, net capital and bonding requirements, if any.

(c) If, during the pendency of the application, it appears to the Bureau Chief that the application may contain a misrepresentation, omit a document or material fact, or contain any statement that may be, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect, the Bureau Chief, in his or her discretion, may notify the applicant of the deficiency or act pursuant to 49:3-58 or 49:3-67. Notification of the deficiency shall require the applicant to perfect the application by amending or supplementing the information previously submitted within 21 days after notification of the deficiency; withdraw the application; or subject itself to further action of the Bureau Chief by Order or otherwise. If the applicant elects to perfect the application, the amendment or supplement by the applicant shall postpone the effectiveness of the application for 30 days after the applicant perfects the application. The Bureau Chief may elect, in his or her discretion, to grant extensions of time to perfect the application.

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