California Occupational License
License Title:
ERA/Exemption Notice for Investment Advisers to Private Funds
ERA/Exemption Notice for Investment Advisers to Private Funds
Department of Business Oversight
Sacramento Office
Public Affairs
Licensing Agency Contact Information:
| Address: | 1515 K Street, Suite 200 Sacramento, CA 95814 |
| Phone Number: | (916) 327-7585
|
| Internet Address: | http://www.dbo.ca.gov |
License Requirements, Fees, and Examination Information:
An investment adviser “Private fund adviser” who provides advice solely to one or more qualifying private fund(s) is exempt from registration as an investment adviser, and shall file an exemption notice.
Fees: Application: $125
Renewal: $125
Registration of Individual Representatives: N/A
Average Time to Process Application: N/A
BDIA does not process applications for ERA firms. Exempt Reporting Advisers are required to file a Notice on FINRA at which point firm becomes active.
Renewal Period: 1 year (December).
Special License Requirements: An exempt reporting adviser shall obtain, on an annual basis, financial statements of each retail buyer fund advised by the private fund adviser, audited by an independent certified public accountant (CPA) that is registered with, and subject to regular examination by, the Public Company Accounting Oversight Board (PCAOB), and shall deliver a copy of such audited financial statements to each beneficial owner of the retail buyer fund within 120 days after the end of each fiscal year (or within 180 days if the retail buyer fund is a fund or fund); per CCR 260.204.9(c)(3)(A).
Authority: Corporations Code, Section 25230.
Occupations To Which This License Applies:Fees: Application: $125
Renewal: $125
Registration of Individual Representatives: N/A
Average Time to Process Application: N/A
BDIA does not process applications for ERA firms. Exempt Reporting Advisers are required to file a Notice on FINRA at which point firm becomes active.
Renewal Period: 1 year (December).
Special License Requirements: An exempt reporting adviser shall obtain, on an annual basis, financial statements of each retail buyer fund advised by the private fund adviser, audited by an independent certified public accountant (CPA) that is registered with, and subject to regular examination by, the Public Company Accounting Oversight Board (PCAOB), and shall deliver a copy of such audited financial statements to each beneficial owner of the retail buyer fund within 120 days after the end of each fiscal year (or within 180 days if the retail buyer fund is a fund or fund); per CCR 260.204.9(c)(3)(A).
Authority: Corporations Code, Section 25230.
| Occupation Title | SOC Code |
| Financial Specialists, All Other | 132099 |