Series 63: Termination Of An Investment Adviser Registration

Termination of an Investment Adviser Registration

As previously mentioned, registration as an investment adviser is by no means permanent. At a bare minimum, state approval to operate can terminate on December 31 of any year simply because an adviser forgets to submit their renewal paperwork. But an adviser’s registration can terminate or be restricted for a variety of other reasons including:

• • Denial. Naturally, if a state’s administrator has reason to believe an applicant would not serve the best interests of the public (such as if they are unqualified), an application can be denied outright.
• • Revocation. If an adviser has acted in a way that has substantially