According to the New York attorney general's office, you need to
register if you have more than five clients in the state. You can do
so by completing a Form ADV with the Investment Adviser Registration
Depository at least 10 days before engaging in investment activities
in the state. You must renew your application every year.
The ADV should be filed electonically, except for Part 2, which should
be filed in paper form (more on that below).
Within two years, you must pass either:
(1) the Uniform Investment Adviser Law Examination (Series 65 examination);
(2) the General Securities Representative Examination (Series 7
examination) and the Uniform Combined State Law Examination (Series 66
People who meet certain other qualifications can get a waiver from the
The fee for registering and renewing is $200.
Source; NYS OAG, "Part 11. INVESTMENT ADVISORY SERVICES," 6 Aug. 2003,
Before you can file the Form ADV, you must register with the IARD. You
then have to put money into an IARD online account to cover the fees,
then register as an adviser on the IARD website.
Source: IARD, "Filing Online," 2003, http://www.iard.com/FilingOnline.asp.
The coversheet, Paper 2 and Schedule F of the ADV are not on IARD. Nor
is Form NY-IAQ, which you should fill out to say you have passed the
required exam or do not need to.
You can get copies of those documents at
(http://www.oag.state.ny.us/investors/form_categ.html) and send them
NYS Department of Law
120 Broadway, 23rd floor
New York, NY 10271
Source: NYS OAG, "Frequently Asked Questions of the Attorney General,"
Form ADV is available at
The requirements are somewhat different if you are already registered
with the federal SEC. All of the information should be in the
documents listed above.
If you have any questions about the process, you can call the NYS OAG
I hope this answer meets your needs. If not, please request clarification.
New York registering investment adviser