The legal definition of RIA registration is the process of registering an investment firm with the U.S. Securities and Exchange Commission (SEC) or a state securities regulator. The registration process involves filing an application with the Commission that includes information and documents as required by the Commission.
The registration requirements for RIAs depend on the value of assets under their management:
- Below $25 million: Typically required to register with state securities authorities
- $25 million to $100 million: Registration depends on state requirements or the need to register in multiple states
- $100 million or more: Mandated to register with the SEC, barring specific exemptions
RIAs are financial firms that advise clients on securities investments and may manage their financial portfolios. They have a fiduciary duty to put the best interests of their clients first.
RIAs and investment adviser representatives must renew their registration annually. The renewal date varies by state, but is often from January 1 to December 31.
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