The Virginia Investment Advisor In-State Affidavit is a document that investment advisors in the state of Virginia must file with the State Corporation Commission in order to do business in Virginia. This affidavit is required in order for the investment advisor to legally transact in the state and to protect the public from fraud or other unethical practices. It certifies that the investment advisor is registered with the State Corporation Commission, and that it has met certain requirements, such as providing financial statements, fiduciary responsibility to clients, and a description of its services. There are two types of Virginia Investment Advisor In-State Affidavit: the Initial and Renewal Affidavit. The Initial Affidavit is filed when an investment advisor first applies to do business in Virginia, and the Renewal Affidavit is filed when the investment advisor needs to renew its registration.
Virginia Investment Advisor In-State Affidavit
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How to fill out Virginia Investment Advisor In-State Affidavit?
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Certified Financial Planner (CFP) ? Hold a bachelor's degree, plus 3 years experience. Personal Financial Specialist (PFS) ? Have 75 hours personal financial planning education; also, hold a CPA, which requires a degree, plus 2 years experience.
The goal of the Act is to protect the investing public by requiring all broker-dealers, agents, investment advisors, and investment advisor representatives to register before conducting business in the state of Virginia.
What is a Form U4? The Form U4 is the Uniform Application for Securities Industry Registration or Transfer. Individuals seeking to register as an investment adviser representative (?IAR?) of a registered investment advisor firm typically must use this form to become registered with a state securities regulator.
An applicant for registration as an investment adviser representative must file a Form U4, which also has its own completion instructions. The Form U4 must show that the applicant has passed the required competency exams or holds an active, acceptable professional designation.
Form ADV is officially called the Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Adviser. Any investment advisor that manages more than $25 million must submit this registration document to the U.S. Securities and Exchange Commission and to state securities authorities.
The Form U4 is the Uniform Application for Securities Industry Registration or Transfer. Representatives of broker-dealers, investment advisers, or issuers of securities must use this form to become registered in the appropriate jurisdictions and/or SROs.
Part 2 requires investment advisers to prepare narrative brochures that include plain English disclosures of the adviser's business practices, fees, conflicts of interest, and disciplinary information. The brochure is the primary disclosure document for investment advisers and must be delivered to advisory clients.
To apply in Virginia, advisors must apply for access to FINRA's WebCRD/IARD online system. Virginia uses FINRA to process applications, but FINRA doesn't supervise RIA firms. This is the online portion of the RIA's registration document. Its primary focus is to share information about the firm.