Skip to content
logo square
RIA Law Journal
Your premier resource for registered investment adviser compliance, U.S. residency through investment, and INTERPOL data correction.

RIA Notice Filing Fees in Puerto Rico

A brief compliance reminder for SEC registered investment advisers rendering advice to Puerto Rico residents.
Brainstorming over paper
Scott Graham, Unsplash
By Isabel Alcántara
June 4, 2025

Investment Advisers registered with the U.S. Securities and Exchange Commission that are based on the mainland and render advice to Puerto Rico residents must determine whether they are required to submit a “Notice Filing” with the Office of The Commissioner of Financial Institutions (OCFI). Many mainland advisers assume that once they’ve paid the $500 firm notice-filing fee on IARD, Puerto Rico is satisfied. Not quite. Puerto Rico’s Office of the Commissioner of Financial Institutions (OCFI) imposes two distinct fees on SEC-registered advisers:

  • $500 per firm for the annual notice filing; and
  • $150 per investment-adviser representative for every IAR who will do business with Puerto Rico residents.

Puerto Rico should be selected in Item 2.C of Form ADV Part 1 in order to submit a Notice Filing with the OCFI. The $500 fee will be generated as a result and funds transferred to the firm’s Ebill account will be applied to cover this fee. 

Because IARD’s interface does not auto-collect the IAR fee when the adviser submits the Notice Filing, firms often overlook the charge—until an examiner flags the shortfall.

*****

Fee-calculation.

ScenarioCalculationTotal due
One-person SEC RIA (principal only)$500 firm + $150 IAR$650
Two IARs (principal + portfolio manager)$500 + (2 × $150)$800
Five-rep team$500 + (5 × $150)$1,250
*****

Key compliance steps

  1. Update ADV Part 1, Item 2.C to indicate “Puerto Rico” in additional notice-filing jurisdictions.
  2. When preparing to pay the renewal fee each year, verify how many investment adviser representatives were conducting business in Puerto Rico by December 31st and pay any incremental $150 fees.
  3. Update any of the appropriate books and records for exam purposes.

Whether your firm’s principal office is based in Puerto Rico or it is based on the mainland, but rendering advice to residents of Puerto Rico, contact Isabel Alcántara for guidance on RIA compliance as it relates to the OCIF’s regulations. Email: isabel@alcantara-law.com Tel: +1-703-415-8271.