The Broker-Dealer / Investment Adviser (BDIA) Division is continuing an annual online examination for certain registered Investment Advisers, in accordance with DFPI’s authority under California Corporations Code Section 25241, subdivision (c). This mandatory examination consists of an online examination for Investment Advisers registered with the DFPI, who have their principal place of business in another state.

The online examination for this year is scheduled to commence on April 3, 2023. If selected the advisory firm will be notified on April 3, 2023, and required to complete and submit the online examination by May 19, 2023. The Division is structuring the exam to be conducted on this population on a four-year cycle. However, an Investment Adviser may be selected for a future examination sooner or later than the estimated four-year cycle.

To communicate the online examination, as well as any follow-up communication, the Division will use the Investment Adviser email as disclosed on the current Form ADV. The business e-mail address must be dedicated to receiving DFPI communications and be monitored by the executive staff of your firm, to ensure prompt attention is paid to communications from DFPI.

If you have any questions or inquiries, please contact the Division at CADFPIexams@dfpi.ca.gov.