A release by the Michigan Office of Financial and Insurance Regulation answers frequently asked questions pertaining to investment advisers.
Topics include whether:
* "solicitors" must register as investment adviser representatives and, if so, whether they must also pass written exams
* investment adviser representatives must register in Michigan if they represent SEC registered adviser firms not having a place of business in Michigan
* owners of a registered investment adviser firm must register as an investment adviser representatives
* individuals may dually register as an investment adviser representative and securities agent or as an investment adviser representative for two adviser firms
* Michigan has a custody rule and surety bond requirement
* newly created firms with no clients must file a balance sheet
* the firm must maintain a written code of ethics
And what:
* forms are required for registration
* records and written policies/procedures firms must maintain and preserve
* procedure exists for succession of firm ownership