New investment adviser firms seeking to operate in South Carolina must complete specific filing requirements and pay fees to achieve legal registration.
The South Carolina Attorney General’s office, through its regulatory division, mandates that all applications for registration be submitted via Form ADV through the Investment Adviser Registration Depository (IARD).
The process carries a $210 filing fee for the firm itself. According to official guidelines provided by the state, initial registration requires the submission of several specific documents to the Division, either by mail or via email.
To complete a filing, firms must provide a copy of the advisory contract forms intended for South Carolina clients. An unaudited balance sheet and income statement, dated within 45 days of the submission, are also required. If a surety bond is necessary, the firm must execute and file the Verification Form Surety Bond and provide the original bond form to the Division.
Registration is not limited to the firm; individual investment adviser representatives (IARs) must also meet specific criteria. Each applicant for registration as an IAR in South Carolina is required to complete Form U-4 and file it with the CRD.
The registration fee for an individual representative is $55. For applicants who are not currently registered as a broker-dealer agent, the state requires the acquisition of a South Carolina Law Enforcement Division criminal records history.
To assist with compliance, the Division maintains information regarding common deficiencies found in registration documents. Providing a list of all investment adviser representatives doing business within the state, including their specific CRD numbers, is a mandatory component of the firm’s application.
The state also maintains an active oversight presence through its Examination Program. Staff members conduct periodic examinations of registered investment adviser firms to ensure ongoing compliance with state regulations.
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