Notice Filing
The state filing a federal covered adviser or security makes instead of registering.
What is Notice Filing?
For a federal covered adviser: copies of the SEC filings (Form ADV, filed through IARD), a fee, and consent to service of process, in each state where it has a place of business or more than de minimis clients. For federal covered securities, such as mutual funds, states can require a notice filing and fee. The state cannot review the merits.
Notice Filing: a worked example
A mutual fund notice files in all 50 states so its shares can be sold everywhere.
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