1 Multi-State Compliance Requirements Matrix

1.1 Current Registration Status

State	Status	Registration Date	Next Renewal	Annual Fee	IAR Required	Notes
Utah	Active	2021-07-01	2025-12-31	$125	No	Primary registration

1.2 Expansion Pipeline

State	Priority	Target Date	Est. Clients	Est. AUM	Preparation Status
New York	High	Q4 2025	TBD	TBD	Research complete
California	High	Q4 2025	TBD	TBD	Research complete
Texas	High	Q4 2025	TBD	TBD	Research complete
Pennsylvania	Medium	Q1 2026	TBD	TBD	Research complete

1.3 Universal Requirements Checklist

1.3.1 Federal/Universal Compliance ✅

• Investment Advisers Act Section 206 compliance
• SEC Rule 204-2 books and records
• Form ADV Part 2A current and accurate
• Form ADV Part 2B for supervised persons
• Fiduciary duty framework documented
• Ethical screening methodology established

1.3.2 Core Operational Procedures ✅

• Client onboarding and suitability procedures
• Portfolio management and rebalancing processes
• Fee calculation and billing procedures
• Privacy protection and data security measures
• Business continuity and disaster recovery plans
• Annual compliance review procedures

1.4 State-Specific Requirements Matrix

1.4.1 Notice Filing Requirements

State	IARD Form	State Fee	Filing Deadline	Renewal Date	IAR Threshold	Special Requirements
Utah	ADV	$125	30 days	Dec 31	N/A	Current registration
NY	ADV	$125	30 days	Dec 31	5+ clients OR NY office	IAR Series 65/66 required
CA	ADV	$125	30 days	Dec 31	CA-based IAR	Enhanced privacy disclosures
TX	ADV	$75	30 days	Dec 31	N/A	Exemption letter to State Board
PA	ADV	TBD	30 days	Dec 31	N/A	Possible financial statements

1.4.2 IAR Registration Matrix

State	Registration Required	Exam Requirement	Initial Fee	Annual Renewal	Processing Time
NY	Yes (5+ clients)	Series 65 or 7+66	$200	$200	30-45 days
CA	Yes (CA-based)	Series 65 or 7+66	$25	$35	15-30 days
TX	No	N/A	N/A	N/A	N/A
PA	No	N/A	N/A	N/A	N/A

1.5 Threshold Monitoring Dashboard

1.5.1 Client Count Tracking

State	Current Clients	De Minimis Threshold	Buffer Zone	Action Required
Utah	Active	N/A (registered)	N/A	Maintain registration
NY	0	6 clients	4 clients	Monitor monthly
CA	0	6 clients	4 clients	Monitor monthly
TX	0	6 clients	4 clients	Monitor monthly
PA	0	6 clients	4 clients	Monitor monthly

1.5.2 AUM Concentration Tracking

State	Current AUM	% of Total AUM	Concentration Threshold	Status
Utah	Active	Primary	N/A	Registered
NY	$0	0%	>25%	Monitoring
CA	$0	0%	>25%	Monitoring
TX	$0	0%	>25%	Monitoring
PA	$0	0%	>25%	Monitoring

1.6 Renewal Calendar

1.6.1 Annual Deadlines

• December 31: State notice filing renewals (all states)
• March 31: Form ADV annual updating amendment (federal)
• Quarterly: AUM and client threshold review
• Monthly: New client state residence verification

1.6.2 Multi-Year Planning

• 2025 Q4: Execute NY, CA, TX expansion
• 2026 Q1: Execute PA expansion
• 2026 Q2: Evaluate additional states based on client growth
• Annual: Review and optimize multi-state procedures

1.7 Examination Readiness

1.7.1 Universal Preparation

• Books and records organization and accessibility
• Form ADV accuracy and completeness verification
• Fiduciary duty documentation and training records
• Ethical screening methodology documentation
• Client file organization and completeness

1.7.2 State-Specific Focus Areas

State	Examination Authority	Key Focus Areas	Preparation Status
Utah	Utah Division of Securities	Established procedures	Current
NY	NYSED	IAR supervision, advertising	Prepared
CA	DFPI	Privacy, fee disclosure	Prepared
TX	State Securities Board	Notice filing compliance	Prepared
PA	Dept. Banking & Securities	Financial condition	Prepared

1.8 Action Items and Timeline

1.8.1 Immediate (Next 30 Days)

• Finalize expansion state priorities based on business development
• Fund IARD account for anticipated state filing fees
• Complete target state research and documentation
• Update internal procedures for multi-state operations

1.8.2 Short-term (Next 90 Days)

• Execute first wave of state expansions (NY, CA, TX)
• Implement automated threshold monitoring system
• Complete staff training on multi-state procedures
• Establish state-specific examination materials

1.8.3 Medium-term (Next 6 Months)

• Complete Pennsylvania expansion (if triggered)
• Optimize compliance procedures based on experience
• Evaluate additional expansion opportunities
• Conduct first multi-state compliance review

1.8.4 Ongoing

• Monthly client threshold monitoring
• Quarterly compliance matrix updates
• Annual procedure effectiveness review
• Continuous regulatory change monitoring

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Last Updated: September 27, 2025 Next Review: Monthly Responsible Party: Sloane Ortel, Chief Compliance Officer Related Documents: State Expansion Framework, Notice Filing Procedures, Examination Readiness Guide