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South Carolina Broker-Dealer and Investment Adviser Surety Bonds

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What is a South Carolina Broker-Dealer and Investment Adviser Bond?

Investment advisers and broker-dealers in South Carolina must post a $35,000 or $50,000 surety bond as part of the state licensing requirements. The bond ensures professional and ethical conduct related to the sensitive financial job functions of providing consumers with investment advice, financial planning, securities analysis, and asset protection strategies. The surety bond protects customers against financial losses in the event that the adviser violates fiduciary duties or license regulations.

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Why is a South Carolina Broker-Dealer or Investment Adviser Bond Required?

The surety bond protects the state of South Carolina in the event that the principal fails to comply with all applicable provisions, orders, rules, regulations, securities statutes of jurisdictions where adviser is registered. This surety bond may be cancelled by the surety company upon 30 days written notice by registered mail to the principal and to the South Carolina Securities Commissioner. In the event of cancellation, the bond still covers liability for acts or omissions which occur prior to the date of cancellation.

Broker-Dealer or Investment Adviser Bonds And Getting Your South Carolina Business License/Registration

New registration filings by South Carolina Investment Advisers must be made by completing and submitting the Form ADV on the IARD System. Investment adviser representatives are registered by completing the Form U-4 via theWeb CRD System. If an investment adviser representative is not currently registered with FINRA, they must submit a criminal records history from the South Carolina Law Enforcement Division. All registrations/notice filings expire on December 31 of the year filed. Renewals are handled through the IARD Renewal Program, which is administered by FINRA.

The following items must be filed directly with the Securities Division:

  • The investment adviser’s standard client contracts, which shall comply with Regulation 13-502 A (16)
  • Surety Bond, if required
  • A balance sheet and income statement for the firm dated within 45 days of the submission, attested to
    by executing and filing the Verification Form;
  • A list of investment adviser representatives doing business in SC and their CRD numbers; and
  • SLED records check for each representative that is not registered with FINRA.

Additional South Carolina Broker-Dealer or Investment Adviser Bond Resources & Links

REGISTRATION OF INVESTMENT ADVISORS

BROKER-DEALER AND INVESTMENT ADVISER SURETY BOND FORM

Securities Division Contact Information:

Office of the Attorney General
Securities Division
Rembert C. Dennis Building
1000 Assembly Street
Columbia, SC 29201
(803) 734-9916