Maryland Filing Fees: RIA, IAR, Broker-Dealer & Form D (2026)
What it actually costs to register and renew in Maryland. Fees are paid to the Maryland Securities Division.
RIA firm registration
$300
$100 above the national median
Per IAR
$65
$5 above the national median
Broker-dealer firm
$200
$50 below the national median
Per BD agent
$35
$15 below the national median
Form D / Blue Sky notice
$100
$150 below the national median
Renewal
$300
Same as initial registration
Year-one cost scenarios in Maryland
Solo state-registered RIA (1 IAR) in Maryland
$300 firm + $65 IAR + $150 IARD system + $45 IAR system
$560
RIA with 3 investment adviser representatives
$300 firm + 3 × $65 IAR + IARD system fees
$780
Broker-dealer with 5 registered agents
$200 firm + 5 × $35 agent (excludes FINRA/CRD fees)
$375
Private fund Form D notice filing (Maryland investors)
State Blue Sky notice fee, due within 15 days of first sale
$100
Filing fees only. Excludes compliance-manual drafting, Form ADV preparation, consulting, legal, E&O, and FINRA membership costs. Verify amounts with the Maryland Securities Division before filing.
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Frequently asked questions
How much does it cost to register as an investment adviser in Maryland?
Maryland charges $300 for investment adviser firm registration and $65 per investment adviser representative. Adding FINRA IARD system fees ($150 firm, $45 per IAR), a solo RIA should budget roughly $560 in year-one filing fees, excluding legal, consulting, and compliance-manual costs.
What is the Maryland IAR registration fee?
$65 per investment adviser representative, paid through IARD to the Maryland Securities Division. That is $5 above the national median.
What does a broker-dealer pay to register in Maryland?
$200 for the broker-dealer firm and $35 per registered agent, paid through CRD to the Maryland Securities Division. FINRA membership and CRD fees are separate.
What is the Maryland Form D / Blue Sky notice filing fee?
$100 per offering for a Regulation D 506(b) or 506(c) notice filing when Maryland residents invest. The notice is generally due within 15 days of the first sale in the state.
Does Maryland charge the same fee to renew?
Yes — Maryland charges the same amounts at annual renewal, so a solo RIA should plan on roughly $560 per year in recurring state and IARD fees.