Washington State Department of Financial Institutions

Registration and Regulation of State-Registered Investment Advisers

Advisers who strictly do financial planning or that have less than $100 million under continuous and regular supervision or management are prohibited from registering with the SEC, and instead must register with the states.  Please see the Securities Act and WAC 460-24A, respectively for the statute and rules governing state-registered investment advisers.  The filing and fee requirements for investment advisers and their representatives are detailed in the Investment Adviser Check Sheet.  Investment advisers located in Washington must register prior to commencing business.  Advisers with no place of business in Washington may have up to five Washington clients in a 12 month period without having to register.  Out of state advisers should register prior to obtaining their sixth client and then all representatives doing business with Washington clients will have to register as well.  Per federal law, out of state advisers are not subject to Washington books and records and net capital requirements but they should represent in a cover letter with their application that they are in compliance with their home state requirements.