Exemptions from State Adviser Registration
An adviser with no office in the state and only institutional or very few clients there.
What is Exemptions from State Adviser Registration?
An investment adviser with no place of business in the state need not register there if its only clients in the state are institutions - investment companies, other advisers, broker-dealers, banks, trust companies, savings institutions, insurance companies, and large employee benefit plans - or if it qualifies under the de minimis exemption. Exempt advisers remain subject to the antifraud provisions.
Exemptions from State Adviser Registration: a worked example
An out-of-state adviser whose only in-state client is an insurance company does not register in that state.
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.
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.
Exempt Reporting Adviser
A private fund adviser exempt from SEC registration but still filing reports.
All Uniform Securities Act & Registration terms · Full glossary