Under SEC law, a company that offers its own securities must register these investments with the SEC before it can sell them unless it meets an exception. One of those exceptions is selling unregistered investments to accredited investors.
To become an accredited investor the (SEC) requires certain wealth, income or knowledge requirements. The investor must fall into one of three categories. Firms selling unregistered securities must put investors through their own screening process to determine if investors can be considered an accredited investor.
The Verifying Individual or Entity should take reasonable steps to verify and determined that an Investor is an "accredited investor" as such term is defined in Rule 501 of the Securities Act, and hereby provides written confirmation. This letter serves to help the Entity determine status.
Ohio Accredited Investor Suitability
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US-ENTREP-0014-1
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Not all states license investment adviser representatives, but most of those that do require that the individual pass the Series 65 exam (or an equivalent), file an application, pay a fee, and comply with other requirements such as undergoing a background check.
If an IA is a sole proprietorship, the proprietor is not required to pay an IAR registration fee or file a Form U4. However, the proprietor must have passed the Series 65 examination or the Series 7 and 66 examinations since 2000, or the proprietor must possess one of the 5 recognized professional designations.
Who Needs a Series 65 License? Securities industry professionals seeking to charge a fee to provide investment advice as an investment adviser representative (IAR) are required by most state securities administrators to pass the Uniform Investment Adviser Law Exam, more commonly known as the Series 65 exam.
For the net worth test, you (or you and a spouse or spousal equivalent) must show enough assets to evidence a net worth of at least $1,000,000 USD ignoring the value of your primary residence and after discounting all your other liabilities (including liabilities exceeding the value of your primary residence and ...
Certified Financial Planner (CFP) ? Hold a bachelor's degree, plus 3 years experience. Personal Financial Specialist (PFS) ? Have 75 hours personal financial planning education; also, hold a CPA, which requires a degree, plus 2 years experience.
Requirements to Be an Accredited Investor A natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year.
The Series 63 (formally known as the Uniform Securities Agent State Law Examination) is a registered exam that is required of all potential registered representatives in most of the U.S. states. However, Colorado, District of Columbia, Florida, Louisiana, Maryland, Ohio, and Puerto Rico do not require the Series 63.
Applications for licensure must be submitted electronically using the IARD system. Items to be filed on IARD include Form ADV Parts 1A and 1B, Parts 2A and 2B, and wrap fee brochure, if applicable. These documents make up your firm's application.