California to charge fees for IARs

The California Legislature recently passed a bill authorizing the Department of Business Oversight (DBO), the department that oversees RIAs, to charge up to $35 in renewal fees annually for each Investment Adviser Representative (IAR).

This became effective on January 1, 2014.  The fees for 2014 could not be assessed through the CRD/IARD Renewal Program, so the first renewal fee will be assessed in January 2014.  The DBO will determine the number of IARs registered with a firm as of December 31, 2013 and send an invoice to each firm.

The payments may be remitted via your CRD/IARD account or sent directly to the DBO via check.   Please keep your eye out for the invoice and be sure to pay it promptly.

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