Our “turn-key” investment adviser registration program for the State of Mississippi includes:

• Setting up your firm’s account on the Investment Adviser Registration Depository (IARD) system
• Acting as liaison with the Mississippi Securities and Charities Division
• Facilitating the payment of all Mississippi state registration fees
• Preparing and filing Form ADV Part 1 via the IARD system
• Preparing and filing Form ADV Part II via the IARD system
• Filing the Balance Sheet, Statement of Net Capital and Surety Bond
• Drafting a compliance manual in conformity with the Mississippi Securities Act Rules
• Drafting of investment advisory and financial planning agreements
• Drafting of the privacy notice
• Filing Form U4 for investment adviser representatives
  
  

Important Additional Information for Mississippi Registrants:

Financial Reporting Requirements

Each investment adviser who has custody or possession of client's funds or securities or requires payment of advisory fees six months or more in advance and in excess of $500 per client shall file with the Mississippi Securities and Charities Division audited financial statements as of the end of the investment adviser's fiscal year.

The financial statements filed must:

1. Include a balance sheet, a statement of income or operations, a statement of shareholder equity, and a statement of cash flows, accompanied by appropriate notes stating the accounting principles and practices followed in their preparation, the basis at which securities are included and other notes as may be necessary for an understanding of the statements.

2. Be prepared in accordance with generally accepted accounting principles.

3. Be audited by an independent certified public accountant. The audit must:

• Be made in accordance with generally accepted auditing standards.
• Include a review of the accounting system, the internal accounting controls and procedures for the safeguarding of securities and funds, including appropriate tests thereof since the prior examination.

4. Be accompanied by an unqualified opinion of the auditor as to the report of financial condition. In addition, the auditor shall submit as a supplementary opinion any comments, based upon the audit, as to any material inadequacies found to exist in the accounting system, the internal accounting controls and procedures for safeguarding securities and funds, and shall indicate any corrective action taken or proposed.

5. Be filed with the Mississippi Securities and Charities Division within ninety (90) days following the end of the investment adviser's licensee's fiscal year.

An investment adviser that has its principal place of business in a state other than Mississippi shall be exempt from the requirements of Section (A) of this Rule, provided that the investment adviser is registered as an investment adviser in the state where it has its principal place of business and is in compliance with such state’s requirements relating to financial reporting.

Minimum Financial Requirements

Unless an investment adviser posts a surety bond, an investment adviser registered or required to be registered in the State of Mississippi who has custody of client funds or securities must maintain at all times a minimum net worth of $35,000, and every investment adviser registered or required to be registered under the Act who has discretionary authority over client funds or securities but does not have custody of client funds or securities, must maintain at all times a minimum net worth of $10,000.

Unless otherwise exempted, as a condition of the right to continue to transact business in Mississippi, every investment adviser registered or required to be registered in the State of Mississippi must by the close of business on the next business day notify the Mississippi Securities and Charities Division if such investment adviser’s total worth is less than the minimum required. After transmitting such notice, each investment adviser shall file by the close of business on the next day a report with the Securities Division of its financial condition, including the following:

1. A trial balance of all ledger accounts;
2. A statement of all client funds or securities which are not segregated;
3. A computation of the aggregate amount of client ledger debit balances; and
4. A statement as to the number of client accounts.

Every investment adviser that has its principal place of business in a state other than Mississippi and the investment adviser representatives of such investment adviser shall maintain only such minimum capital as required by the state in which the investment adviser maintains its principal place of business, provided the investment adviser is licensed or registered in such state and is in compliance with such state’s minimum capital requirements.

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Please call us toll free at 888-798-2930 for more information about our Mississippi “Turn-Key” Registration Program.