Consent to Service of Process
Appointing the Administrator to receive legal papers on the registrant's behalf.
What is Consent to Service of Process?
Filed with the initial application for any registration - of a broker-dealer, agent, adviser, IAR, or security - and by federal covered advisers with their notice filing. It lets a state resident sue an out-of-state registrant by serving the Administrator. It is filed once, not with each renewal.
Consent to Service of Process: a worked example
A client in Texas sues an adviser based in Colorado by serving the Texas Administrator.
More terms in Uniform Securities Act & Registration
Uniform Securities Act (USA)
The model state securities law most states' 'blue sky' statutes are based on.
State Securities Administrator
The official or agency that enforces a state's securities act.
Person (USA Definition)
Anyone who can be held legally responsible - individuals and organizations.
Investment Adviser (USA Definition)
Advises on securities, as a business, for compensation.
Excluded from the Investment Adviser Definition
Banks, incidental professionals, broker-dealers, and publishers are not advisers at all.
Exemptions from State Adviser Registration
An adviser with no office in the state and only institutional or very few clients there.
De Minimis Exemption
No place of business in the state and fewer than 6 clients there in 12 months.
Federal Covered Adviser
An adviser registered with the SEC rather than the states.
All Uniform Securities Act & Registration terms · Full glossary