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South Carolina Broker-Dealer and Investment Adviser Bond

South Carolina Broker-Dealer and Investment Adviser Bond

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Who Requires the Broker-Dealer and Investment Adviser Bond and Why Is It Needed?

Tablet. Investment Advisor / Broker-Dealer Bond for those licensed to provide consumers with investment advice and financial planning.

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.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your South Carolina Broker-Dealer and Investment Adviser Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

What Does the Bond Protect Against?

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.

What is Needed to Obtain My License or 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.

 




List of South Carolina surety bonds.

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