Arizona recently added a new documentation requirement for investment adviser representatives doing business in that state. Pursuant to Section 41-1080 of the Arizona Revised Statutes, Investment Adviser Representatives (IARs) must show they are U.S. citizens or in the United States legally prior to being eligible to conduct investment advisory business in Arizona. If the IAR is a non-Arizona resident registering in Arizona but is already registered in another state, the IAR will not be required to provide the documentation.

The new requirements became effective as of July 20, 2011, and documentation proving lawful presence in the United States must be provided to the Arizona Securities Commission if the IAR: 

• is an Arizona resident registering as an IAR in Arizona for the first time;
• is a non-Arizona resident registering as an IAR only in Arizona, and is not registered as such in any other state; or
• is currently an IAR registered in Arizona and is planning to renew his/her registration for 2012, in which case the documentation must be submitted prior to the 2012 renewal.

Submitted documentation must include a photo of the individual and must be accompanied by his/her CRD number. A list of approved forms of documentation for submission to the Arizona Securities Commission is available here.

For additional information on the new documentation requirements, please contact Zac Rosenberg, Compliance Consultant by email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or by phone at (619) 278-0020.