Series 63: 1.1.3. Termination Of An Investment Adviser Registration

1.1.3. 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 a firm does not submit its renewal paperwork. But an adviser’s registration can terminate or be restricted for a variety of other reasons including:

• Denial. 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 harmed th