The Colorado Division of Securities has new investment adviser licensing requirements effective August 12, 2026. The changes are based on legislative amendments to the Colorado Securities Act. Review House Bill 26-1188 to see all of the amendments.

**For convenience, the changes to the licensing requirements are summarized below. Please be sure to review the bill and the amended Colorado Securities Act to verify all requirements:**

• State investment advisers that transact business in this state are required to license in Colorado, pursuant to 11-51-402(1.5), unless exempt. The place of business requirement was removed from this section.
• Federal covered advisers that transact business in this state are required to notice file in Colorado, pursuant to 11-51-402(1.6), unless exempt. The place of business requirement was removed from this section.
• Investment adviser representatives for a federal covered adviser without a place of business in this state are not required to license pursuant to an order from the Securities Commissioner issued on August 12, 2026. The Interpretive Order excludes such persons from the definition of investment adviser representative for a covered adviser found at §11-51-201 (9.6)(b) for licensing purposes only. ReviewInterpretive Order No. 2026- IN-001, see attached.

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