Department of Labor and Regulation

Title - Division of Securities

Investment Adviser Licensing

The following is general information only. See Administrative Rules of South Dakota (ARSD) on investment advisers for more information.

The Division requires all investment adviser firms and investment adviser representatives to register on the Investment Adviser Registration Depository (IARD) system as set forth below.

State Registration for Investment Advisers on IARD
Federal Covered Investment Adviser Notice Filing on IARD
Investment Adviser Representatives

State Registration for Investment Advisers on IARD

To register with the IARD, log onto Getting Started or call the IARD Gateway Call Center Hotline at 240.386.4848.

Pursuant to SDCL 47-31B-406(d), all state-registered investment adviser registrations expire December 31 of each year, unless renewed.

All investment adviser applications, amendments, reports, notices, and related filings and fees required to be filed with the director pursuant to chapter 20:08:05, shall be filed electronically with and transmitted to the IARD.

A filing made through the IARD is considered filed with the director when all fees are received and the filing is accepted by IARD on behalf of the state.

  1. Applications: The application for initial registration as a state registered investment adviser, pursuant to SDCL 47-31B-406(a), shall be made by completing Form ADV in accordance with the Form instructions and by filing the Form with IARD.
  2. IAR requirements: At least one investment adviser representative must be registered at all times. An investment adviser who is a sole proprietor must register the investment adviser representative with the Division. All required documents must be filed with the Division in paper format rather than through IARD. A registered investment adviser representative acting as a sole proprietor does not need to pay the fee as set forth in SDCL 47-31B-410(b). See rule ARSD 20:08:05:01:03(6).
  3. Fee: $100.00 fee required in SDCL 47-31B-410(c), shall also be filed with the IARD.
  4. Annual: Annual renewals are to be filed with the IARD.
  5. Amendments: Updates and amendments are to be filed with IARD in accordance with the instructions in the Form ADV within 30 days of the event that requires the filing; and within 90 days of the investment adviser's fiscal year, an investment adviser must file with IARD an updated Form ADV.
  6. Withdrawal: Withdrawal of registration as an investment adviser shall be completed by following the instructions on Form ADV-W and filed with the IARD.

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Federal Covered Investment Adviser Notice Filing on IARD

  1. Notice filing: Notice filing for a federal covered adviser pursuant to SDCL 47-31B-410(e) shall be filed with IARD on a signed Form ADV.

    1. A notice filing shall be deemed filed when the fee required by SDCL 47-31B-410(e) and the form ADV are filed with and accepted by IARD on behalf of the state.

    2. The fee required in SDCL 47-31B-410(e) is $200.00.
  2. Renewal: The annual renewal of the notice filing for a federal covered adviser pursuant to SDCL 47-31B-410(e) , shall be filed with the IARD.
  3. Amendments: A federal covered adviser shall file with IARD any amendments to the federal covered adviser's Form ADV with the IARD.

Note: Investment adviser representatives (IAR) who work for a Federal covered adviser, must register if the IAR has a "place of business" in South Dakota pursuant to SDCL 47-31B-102(16)(c).

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Investment Adviser Representatives

To file with the IARD:

  1. Initial application: Initial application shall be made by completing Form U-4 and by filing the Form with the IARD:

The fee of $50.00 as required by SDCL 47-31B-410(d).

  1. Annual renewal: Each registration expires on December 31 unless renewed with payment of the $50.00 fee required in SDCL 47-31B-410(d).
  2. Amendments: Amendments must be filed with the Division on IARD Form U-4 within 30 days of the event that requires the filing.
  3. Withdrawal: Withdrawal of registration as an investment adviser shall be completed by filing Form U-5 with the IARD.

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If you have questions, please contact Melita Hauge using the information below.

Contact Us

445 East Capitol Avenue
Pierre, SD 57501-3185
Phone: 605.773.4823
Fax: 605.773.5953
email

When submitting checks to the Division of Securities, please make payable to: South Dakota Division of Securities.


Division of Securities
445 E. Capitol Avenue
Pierre, SD 57501-3185
Tel. 605.773.4823
Fax. 605.773.5953