Registration requirement for portfolio managers establishes licensing, disclosure, client segregation and Board inspection obligations. These regulations require mandatory registration of portfolio managers with the Board, prescribing application procedures, fees, net worth and fit and proper criteria, staffing and infrastructure requirements, and ongoing obligations including appointment of a compliance officer and custodian, segregation of client funds and securities, maintenance of client wise accounts and records, preparation and filing of a certified Disclosure Document, periodic reporting to clients and the Board, and submission to inspection, audit and enforcement by the Board.