Usually, the fund manager of an institution must pass the corresponding license examination when applying for registered investment manager, that is, the investment consultant examination-Series 65. Most States in the United States can also be exempted from the 65-series exam if the manager of the institution holds a financial license, such as a certified financial analyst (CFA) or a personal financial expert (PFS). In addition, the applicant's assets must exceed $25 million. Companies with assets under management ranging from 25 million to 654.38 billion can register with the US State Securities Department, and companies with assets over 654.38 billion need to register with the SEC.
Not only American institutions are eligible to apply for RIA licenses. According to the provisions of the SEC, institutions whose main business address is abroad can also apply for registration in the SEC, but if overseas investment consultants want to provide investment advice to American customers, they must apply to the SEC for RIA license registration.
Required documents
Preparation materials before application
I. Information of overseas companies
To apply for a SEC RIA license, the applicant must formally register and establish an overseas company; Or an established overseas company. The company must have a registered office and contact information. Moreover, the company's contact information can directly contact the SEC during working hours.
2. Good records of the company and directors
The company shall not have any bad business records; Directors of a company cannot have any criminal record or personal bad record.
Third, employee qualifications.
Employee qualification is also an important requirement for applying for SEC RIA license. The company must employ at least one qualified licensed financial investment consultant to become an employee of the company license, or the company's senior management must pass the examination and apply to become a personal RIA license of the SEC.
Four. Business operation and compliance report
The applicant shall submit a number of operation reports to the SEC, such as the company's product specifications, customer service contracts, the company's normal and operating procedures, privacy regulations, AML, understanding of customer documents, marketing copy specifications, business structure, etc. The SEC needs applicants to prove that they are qualified to operate and manage businesses and transactions in a standardized way.
Materials that need to be submitted to the SEC for review.
1. Power of attorney for license.
2. Company registration documents;
3. American company registration certificate;
4. Articles of association;
5. Passports of directors;
6. Business description report of the company;
7. System archiving;
8. Register the WebCRD/IARD system of the Financial Industry Management Committee;
9. Fill in the license application report;
10, fill in the questionnaire survey report of the SEC;
1 1. Statement of agent applicant
RIA licenses are supervised by the US Securities and Exchange Commission (SEC) or state securities departments, and companies and individuals specializing in investment consulting business need to apply for licenses. In the United States, only registered investment consultants (RIA) are qualified to provide investors with investment analysis advice on securities products and provide investment reports on a regular basis. Only institutions that have obtained this qualification can charge corresponding management fees and assume entrusted responsibilities to customers.