Tag Archives: Arizona Investment Adviser Representative

Arizona IA Representative Documentation Requirement

Arizona Hedge Fund Manager Documentation Requirements Increase

In addition to

increased requirements under the Dodd-Frank Act, various states are increasing requirements for state registered investment advisers and their representatives.  Many regulations are going to be based on the prevailing political climate in a particular state and the new requirements for Arizona based advisers is no exception.  IA firms and representatives may have received communication from Arizona regarding a new documentation requirement for IARs – in essence IARs must show they are U.S. citizens or in the United States legally.  The documentation requirement went into effect last month and will be a new requirement for conducting an investment advisory business in Arizona.

Overview of Documentation Requirements

Under a Arizona regulation A.R.S. § 41-1080, effective as of July 20, 2011, certain investment adviser representatives (“IARs”) must provide documentation of lawful presence in the United States to the Arizona Securities Commission.  In general IARs in Arizona will need to provide documentation to the Commission if:

  • the IAR is an Arizona resident registering as an IA representative in Arizona for the first time
  • the IAR is a non-Arizona resident registering as an IA representative only in Arizona, and you are not registered as such in any other state
  • the IAR is currently an IA representative registered in Arizona, planning to renew registration for the coming year, 2012.  [Note: documentation must be submitted before the 2012 renewal.]

If the IAR is a non-Arizona resident registering in Arizona but is already registered as an IA representative in another state, the IAR will not be required to provide the documentation.

Approved Documentation & Submission Requirements

The following is a list of approved forms of documentation for submission to the Arizona Securities Commission:

  1. An Arizona driver license issued after 1996 or an Arizona non-operating identification license.
  2. A driver license issued by a state that verifies lawful presence in the United States.
  3. A birth certificate or delayed birth certificate issued in any state, territory, or possession of the United States.
  4. United States certificate of birth abroad.
  5. A United States passport.
  6. A foreign passport with a United States visa.An I-94 form with a photograph.
  7. A United States citizenship and immigration services employment authorization document or refugee travel document.
  8. A United States certificate of naturalization.
  9. A United States certificate of citizenship.
  10. A tribal certificate of Indian blood.
  11. A tribal or bureau of Indian affairs affidavit of birth.

Submitted documentation must include a photo of the IAR as well as the CRD number of the IAR.  Documentation may be submitted by mail or email to:

Registration and Compliance Section
Arizona Corporation Commission, Securities Division
1300 W. Washington St., 3rd Fl.
Phoenix, AZ 85007
Email: [email protected]

For more information, please visit the IA representative registration licensing section on the Arizona securities Division website or contact the Securities Division at 602-542-0326 with any questions.

A notice of the regulation can be found on the Arizona Securities Division website here.


Cole-Frieman & Mallon LLP provides legal and compliance services to state registered hedge fund managers.  Bart Mallon can be reached through our contact form or by phone directly at 415-868-5345.