A. Except with respect to a federal covered investment adviser described in subsection B of this section, 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 of this section.
B. The following federal covered investment advisers are not required to comply with subsection C of this section:
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 act, and broker-dealers registered under this act,
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 act;
2. A federal covered investment adviser without a place of business in this state if the person has had, during the preceding twelve (12) months, not more than five clients that are residents in this state in addition to those specified under paragraph 1 of this subsection; and
3. Any other person excluded by rule adopted or order issued under this act.
C. A person acting as a federal covered investment adviser, not excluded under subsection B of this section, shall file a notice containing a consent to service of process complying with Section 49 of this act, such records as have been filed with the Securities and Exchange Commission under the Investment Advisers Act of 1940 required by rule or order under this act, and the fee specified in Section 50 of this act.
D. The notice under subsection C of this section becomes effective upon its filing and expires at midnight on December 31 each year.
Added by Laws 2003, c. 347, § 22, eff. July 1, 2004.
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