Investment Advisors Act
§ 222 |  |
State Regulation of Investment Advisers
a. Jurisdiction of State regulators. Nothing in this title
shall affect the jurisdiction of the securities commissioner (or any agency
or officer performing like functions) of any State over any security or any
person insofar as it does not conflict with the provisions of this title or
the rules and regulations thereunder.
b. Dual compliance purposes. No State may enforce any law
or regulation that would require an investment adviser to maintain any books
or records in addition to those required under the laws of the State in
which it maintains its principal place of business, if the investment
adviser--
1. is registered or licensed as such in the State in which it
maintains its principal place of business; and
2. is in compliance with the applicable books and records
requirements of the State in which it maintains its principal place of
business.
c. Limitation on capital and bond requirements. No State
may enforce any law or regulation that would require an investment adviser
to maintain a higher minimum net capital or to post any bond in addition to
any that is required under the laws of the State in which it maintains its
principal place of business, if the investment adviser--
1. is registered or licensed as such in the State in which it
maintains its principal place of business; and
2. is in compliance with the applicable net capital or bonding
requirements of the State in which it maintains its principal place of
business.
d. National de minimis standard. No law of any State or
political subdivision thereof requiring the registration, licensing, or
qualification as an investment adviser shall require an investment adviser
to register with the securities commissioner of the State (or any agency or
officer performing like functions) or to comply with such law (other than
any provision thereof prohibiting fraudulent conduct) if the investment
adviser--
1. does not have a place of business located within the State;
and
2. during the preceding 12-month period, has had fewer than 6
clients who are residents of that State.
Legislative History |
Aug. 22, 1940, ch 686, Title II, § 222, as added Sept. 13, 1960, P.L. 86-750, §
16, 74 Stat. 888
Oct. 11, 1996, P.L. 104-290, Title III, § 304, 110 Stat. 3438
Nov. 3, 1998, P.L. 105-353, Title III, § 301(d)(2), 112 Stat. 3237. |
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