47-31B-405 Federal covered investment adviser notice filing requirement.
47-31B-405.
Federal covered investment adviser notice filing requirement.
(a) Notice filing
requirement. Except with respect to a federal covered investment adviser described in subsection (b),
it is unlawful for a federal covered investment adviser to transact business in this state as a federal
covered investment adviser unless the federal covered investment adviser complies with subsection
(c).
(b) Notice filing requirement not required. The following federal covered investment advisers
are not required to comply with subsection (c):
(1)
A federal covered investment adviser without a place of business in this state if its only
clients in this state are:
(A)
Federal covered investment advisers, investment advisers registered under this
chapter, and broker-dealers registered under this chapter;
(B)
Institutional investors;
(C)
Bona fide preexisting clients whose principal places of residence are not in this
state; or
(D)
Other clients specified by rule adopted or order issued under this chapter;
(2)
A federal covered investment adviser without a place of business in this state if the person
has had, during the preceding twelve months, not more than five clients that are resident
in this state in addition to those specified under paragraph (1); and
(3)
Any other person excluded by rule adopted or order issued under this chapter.
(c) Notice filing procedure. A person acting as a federal covered investment adviser, not
excluded under subsection (b), shall file a notice, a consent to service of process complying with
§ 47-31B-611, and such records as have been filed with the Securities and Exchange Commission
under the Investment Advisers Act of 1940 required by rule adopted or order issued under this
chapter and pay the fees specified in § 47-31B-410(e).
(d) Effectiveness of filing. The notice under subsection (c) becomes effective upon its filing.
Source: SL 2004, ch 278, § 21.