Registration of IARs
The federal government does not register investment adviser representatives. As to state registration of IARs, whether or not an investment adviser is registered with the SEC, all investment adviser representatives must register with the state in which their employer conducts business. These states are also permitted to investigate and bring enforcement actions in cases of fraud or deceit committed by SEC-registered firms and their associated persons.
Except for Wyoming, today all states require associated persons to register as investment adviser representatives when they work for firms that keep an office in that state and maintain a certain number of in-state clients. That number is usually six or more individuals over a twelve-month period.
All states except Wyoming require that