Series 65 / IAR Registration · Maryland
Series 65 in Maryland: Registration Requirements
Everything you need to register as an Investment Adviser Representative (IAR) in Maryland: which exam qualifies, fees, financial requirements, and whether your professional
designation can waive the Series 65. New to the exam? Start with what the Series 65 actually covers or our step-by-step IAR registration guide.
Credential Waivers in Maryland
Maryland waives the Series 65 exam for IAR applicants who hold one of the following credentials in good standing:
- CFP
- CFA
- ChFC
- PFS
- CIC
Maryland grants the standard NASAA exam waiver for IARs holding a CFP, CFA, ChFC, PFS, or CIC in good standing.
See our full guide to Series 65 exam waivers (CFP, CFA, ChFC, PFS, CIC) for the credential-by-credential rules and how to file.
Maryland IAR Registration at a Glance
- Qualifying Exam
- Series 65 or Series 66 (with Series 7)
- Registration Fee
- $50
- Annual Renewal
- $50
- Continuing Education
- 12 credits annual
- Surety Bond firm-level
- Not required
- Net Worth Requirement firm-level
- Not required
- Filing Method
- IARD
- De Minimis Exemption
- Up to 5 clients / 12 mo
- State vs SEC AUM Threshold firm-level
- $100M ($100M federal default)
- Prior-Registration Reciprocity
- 2-year window from prior IAR registration
IARD Renewal Window
IAR registration in Maryland is renewed annually through the IARD system on the same cycle every state uses:
- Early November: Preliminary renewal statements post on FINRA Gateway.
- Early December: Preliminary statement payment deadline (early December each year; submit a few days before to allow processing).
- January 1: Registrations not funded by the December deadline are terminated for the new year.
- Early January: Final renewal statements post, reflecting any post-deadline changes.
- Late January: Final statement payment deadline.
Exact 2026/2027 dates are published in the annual IARD Renewal Bulletin. Verify current dates at iard.com/renewal-program.
What's Specific to Maryland
- Maryland is unusual in that the Securities Division sits inside the Office of the Attorney General rather than a banking or financial-institutions agency.
- Initial and renewal IAR fees are $50, filed through IARD.
- Maryland was an early adopter of the NASAA IAR CE Model Rule (effective January 1, 2022): 12 credits per year (6 Products and Practices, 6 Ethics).
- COMAR 02.02.05.11 governs IA and IAR application procedures.
Last verified: 2026-05-05
Which exam do I need for IAR registration in Maryland?
Maryland accepts the Series 65 or Series 66 (with Series 7). Maryland also waives the exam for holders of these credentials in good standing: CFP, CFA, ChFC, PFS, CIC.
Does Maryland waive the Series 65 for CFP holders?
Yes. Maryland waives the Series 65 for active CFP holders in good standing. Maryland grants the standard NASAA exam waiver for IARs holding a CFP, CFA, ChFC, PFS, or CIC in good standing.
What does it cost to register as an IAR in Maryland?
Maryland's IAR registration fee is $50 with a renewal fee of $50. Additional IARD system fees apply at the federal level. Annual renewal runs through IARD: preliminary statements post in early November, payment is due in early December, and final statements are reconciled in late January.
Does Maryland require continuing education for IARs?
Yes. Maryland requires 12 IAR CE credits annual (6 Products & Practices + 6 Ethics & Professional Responsibility) under the NASAA model rule.
How many Maryland clients can an out-of-state adviser have without registering?
Up to 5 Maryland clients in any rolling 12-month period, provided the adviser has no place of business in Maryland. Maryland follows the NSMIA federal standard: an out-of-state adviser without a place of business in Maryland and fewer than six clients who are residents in the previous 12 months is exempt from registration.
Does prior registration in another state qualify me for Maryland's exam waiver?
Yes. Maryland exempts applicants who have been actively registered as an IAR in another U.S. jurisdiction within the past 2 years. The reciprocity does not apply if your registration has lapsed beyond that window.
When does an IA firm based in Maryland have to register with the SEC instead of the state?
Maryland follows the standard federal "mid-sized adviser" rule: state-registered up to $100M RAUM, must register with the SEC at $110M, and may stay state-registered until dropping below $90M after SEC registration.
Sources & Verification
This page was last verified on 2026-05-05. Fees, CE, and waiver rules change. Always confirm with the regulator before relying on these figures for an actual filing.
- Maryland Securities Division (Office of the Attorney General): https://oag.maryland.gov/i-need-to/Pages/securities-division.aspx
- NASAA (exam waivers, IAR CE model rule, and state IA registration index): nasaa.org/industry-resources/investment-advisers
- IARD (annual renewal program and bulletin): iard.com/renewal-program