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New York Based IAR’s Must Begin Registering



Last week, the New York Attorney General James announced the passage of new rules that will require investment adviser representatives (“IARs”) in New York to register within the state. To review the text of the rule please click here. This new rule impacts all firms and IAR’s who provide investment advice from within New York. IAR’s, including those who have previously complied with New York’s unique registration process (or lack thereof) by completing a Form NY-IAQ must now begin the process of completing the registration requirement. This rule will apply whether the IAR’s firm is state registered or SEC registered and without regard to what other states the firm may already do business in.


Effective February 1, 2021, IARs will be required to register with the state by filing a Form U-4, meeting certain educational or experiential criteria, and by paying a steep licensing fee of $200 per representative.


While the new rule will take effect in February, there is a grace period which will allow representatives currently engaged in business to continue doing so until December, 2021. To comply with the December deadline a registration application must be submitted by August 31, 2021.


At this time, we are urging all firms who have a place of business in New York or a representative who operates out of New York to contact us as soon as possible to review this new rule and begin the process of complying with the registration requirements as necessary.

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