Creating a FINRA account
The first step in becoming a Exempt Reporting Adviser (ERA) is to create an account with FINRA. The following instructions will assist you in applying for a FINRA account.
- Go to www.iard.com/GetStarted.asp
- Select the following link on the page: New Organization SAA Entitlement Form & Instructions
- Select the following link on the page. This will start the process to create an account. This process should only be done by one of the fund executives.
- New Broker-Dealer, Investment Adviser and Regulator New Organization SAA Entitlement Form & Instructions (DocuSign)
- When creating an account with FINRA, there are two roles:
- Authorized Signatory - this is one of the executives of the management company. This person will be considered the Chief Compliance Officer (CCO).
- Super Account Administrator (SAA) - this person is the technical lead for accessing FINRA
- FINRA prefers different people for each role but if that is not possible, the Authorized Signatory can also be the SAA.
- For the Organization Legal Name and the Primary Business Name, use the official name of your Management Entity. DO NOT use the name of your fund.
- For the Organization Type, select Investment Advisor
- For the Principal Place of business, use the actual physical address that you work in. DO NOT use a mailbox or virtual address. When the funds under management are less than $25 million, advisors are regulated at the state level. The principal place of business is what determines which state regulations your company will be required to follow.
- Identify the person that will be the SAA. If you will be the SAA, then you will need to provide an explanation on why there is not another individual that can be designated.
- Sign and date the document and submit it.
FINRA will review your application and email with you with the credentials to access your new FINRA account.
FINRA will also assign your company a CRD number at this time. Investors will be able to verify your CRD at the following address: https://brokercheck.finra.org/
You will need to fund the FINRA account with the minimum before any applications can be submitted.