Regulatory IRA Hints, Regulatory Compliance, Broker Dealers, Investment Advisors, Finop, Manuals, Audits, Series 7 training

RIA: State-Specific filing requirements in GA

Regulatory Compliance News you can use

RETURN TO JUNE NEWSLETTER HOME

If you are registering your investment advisory firm in the state of Georgia, you need to be aware that there is a requirement to file an FBI and state Criminal History Report on the individual(s) that will be providing investment advice before the state will approve the individual and firm to do business.

The process to obtain the FBI Criminal History Report is as follows:

The individual (Investment Advisor Representative) needs to prepare a written request to the FBI for a copy of their criminal history record. The FBI conveniently provides a form letter on their website for this purpose.

( http://www.fbi.gov).

The individual (Investment Advisor Representative), while on the FBI website, can print a paper copy of the FBI fingerprint card (standard fingerprint form FD-258) and take the paper fingerprint card to their local law enforcement agency to have their rolling fingerprints taken. The FBI will accept the paper copy versus an actual fingerprint card.

The individual (Investment Advisor Representative) will need to include an $18 fee, either in the form of a money order or certified check made payable to the Treasury of the United States. Personal checks or cash will NOT be accepted.
The cover letter, fingerprints and fee should then be mailed to the following address:

FBI CJIS Division – Record Request

1000 Custer Hollow Road

Clarksburg, West Virginia 26306

These requests can take anywhere from 8 to 10 weeks to process, provided the request is complete. To check on the status of a request you can call 304-625-5509. Be prepared to have your date of birth and social security number available when you call.

The individual will receive from the FBI a No Record Response, which consists of the original fingerprint card (paper) stamped with the statement “No Record” - provided there is no criminal history on the individual; OR, if there is a criminal history, the individual will receive their FBI Identification Record.

When either of these items is received the individual needs to mail the report to the following GA address:

                            Georgia Secretary of State

                            Securities & Business Regulation Division

                            Registration & Licensing Section

                            802 West Tower

                            2 Martin Luther King, Jr., Dr. SE

                            Atlanta, GA 30334

The process to obtain your state Criminal History Report is different since each state has their own requirements. To ensure you complete the appropriate documents for your state criminal history report you should consult with your state securities bureau. State website information can be found at www.nasaa.org.