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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 26. INSURANCE, SECURITIES, AND BANKING |
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SubTilte 26-B. SECURITIES |
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Chapter 26-B1. BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, AND INVESTMENT ADVISER REPRESENTATIVES |
Section 26-B159. INVESTMENT ADVISER REPRESENTATIVE LICENSING
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159.1Prior to the implementation of the IARD system, the application for an initial license as an investment adviser representative pursuant to the Act shall be filed upon Form U-4 (the Uniform Application for Securities Industry Registration or Transfer) or any successor form with the Department. The application for an initial license shall be filed with the IARD on or after the date which the Director designates. IARD will be the equivalent of filing investment adviser representative form. An initial license for an investment adviser representative shall be filed manually with the Department on Form U-4.
159.2The initial application shall include the consent to service of process required by Section 706 of the Act (D.C. Register at 47 DCR 7883).
159.3The application for an initial license shall also provide the following:
(a)The name and broker-dealer Central Registration Depository ("CRD") number, if any, of the investment adviser representative;
(b)Proof of compliance by the investment adviser representative with the examination requirements of § 159;
(c)The fee required by § 161; and
(d)Any other information required by statute or requested from the applicant by the Commissioner.
159.4Applications for initial and renewal licensure as an investment adviser representative shall be deemed incomplete until the required fee and all required submissions have been received by the Department.
159.5The license of an investment adviser representative shall expire on December 31 of each year.
159.6The application for renewal license as an investment adviser representative shall be filed with the Department, no later than December 1 of each year on a form provided by the Department, and shall contain the fee required by § 161, and shall contain such amendments to the initial registration as may be required by applicable provisions of the Act or rules thereunder.