Texas investment adviser
compliance, tracked in real time.

Texas state notice filing is required for any investment adviser that maintains a place of business in Texas or has more than five Texas clients in a 12-month period, regardless of SEC registration status. SEC-registered advisers file the Texas state notice via the IARD system using the Form ADV notice filing process.

Texas charges a $100 per-firm filing fee plus a $100 fee per individual investment adviser representative (IAR) for state notice filings submitted via IARD. State-registered-only firms pay a separate $150 application fee when first registering with the Texas State Securities Board.

Texas state notice filings must be amended within 30 days of any material change to Part 1A or Part 2A — the same interim amendment window the SEC requires. Annual amendments are due within 90 days of fiscal year end and must be filed even if there are no changes, via IARD Form ADV-W.

Yes. Under 7 Texas Administrative Code §116.11, state-registered investment advisers must comply with Texas advertising filing requirements that go beyond SEC 206(4)-1 — including filing certain advertisements with the Texas State Securities Board, maintaining testimonial evidence, and complying with sponsor-disclosure rules.

Texas requires written client consent before any testimonial is published, with prominent disclosure of any compensation paid to the client and any material conflicts created. Endorsements by third parties (influencers or firms) require a written agreement covering content review and ongoing compliance — these requirements complement SEC 206(4)-1 but are enforced independently by the TSSB.

Hypothetical performance is permitted in Texas under both SEC 206(4)-1 and 7 TAC §116.11, provided the adviser maintains written policies and procedures documenting audience relevance, fee disclosures, and risk warnings. The recordkeeping requirements at the Texas level are stricter than federal — and the TSSB will request documentation in any state-only examination.

Dual-registered investment advisers file Form ADV with the SEC and pay separate Texas state notice filing fees via IARD. The two-track approach means Texas-specific recordkeeping under §116.20 must be maintained even though the federal Form ADV is primary — firms commonly use compliance software to keep both ledgers in sync.

Texas Administrative Code §116.20 requires investment advisers to maintain true and accurate books and records at the firm's principal office — including advertising files, client agreements, suitability records, transaction records, and Form ADV amendments. Records must be retained for at least five years from the date the last client engagement ended.

Yes. Under Texas Securities Act §116.20, the Texas State Securities Board has full examination authority over state-registered investment advisers — including on-site books-and-records inspections. TSSB exams typically focus on advertising files, Form ADV accuracy, custody arrangements, and trading supervision documentation.

Missing a Texas state notice filing amendment under §116.1 is a violation of the Texas Securities Act and can trigger enforcement letters, civil penalties, and potential suspension of state registration. The TSSB has issued administrative actions against investment advisers for late or incomplete notice filings — RegAxis tracks every enforcement action so RIAs know when to tighten their filing calendar.