15 USC 80b-3a - State and Federal responsibilities

U.S Code last checked for updates: Nov 22, 2024

§ 80b–3a.

State and Federal responsibilities

(a)

Advisers subject to State authorities

(1)

In general

No investment adviser that is regulated or required to be regulated as an investment adviser in the State in which it maintains its principal office and place of business shall register under section 80b–3 of this title, unless the investment adviser—

(A)

has assets under management of not less than $25,000,000, or such higher amount as the Commission may, by rule, deem appropriate in accordance with the purposes of this subchapter; or

(B)

is an adviser to an investment company registered under subchapter I of this chapter.

(2)

Treatment of mid-sized investment advisers

(A)

In general

(B)

Covered persons

An investment adviser described in this subparagraph is an investment adviser that—

(i)

is required to be registered as an investment adviser with the securities commissioner (or any agency or office performing like functions) of the State in which it maintains its principal office and place of business and, if registered, would be subject to examination as an investment adviser by any such commissioner, agency, or office; and

(ii)

has assets under management between—

(I)

the amount specified under subparagraph (A) of paragraph (1), as such amount may have been adjusted by the Commission pursuant to that subparagraph; and

(II)

$100,000,000, or such higher amount as the Commission may, by rule, deem appropriate in accordance with the purposes of this subchapter.

(3)

“Assets under management” defined

(b)

Advisers subject to Commission authority

(1)

In general

No law of any State or political subdivision thereof requiring the registration, licensing, or qualification as an investment adviser or supervised person of an investment adviser shall apply to any person—

(A)

that is registered under section 80b–3 of this title as an investment adviser, or that is a supervised person of such person, except that a State may license, register, or otherwise qualify any investment adviser representative who has a place of business located within that State;

(B)

that is not registered under section 80b–3 of this title because that person is excepted from the definition of an investment adviser under section 80b–2(a)(11) of this title; or 1

 So in original. The word “or” probably should not appear.

(C)

that is not registered under section 80b–3 of this title because that person is exempt from registration as provided in subsection (b)(7) of such section, or is a supervised person of such person; or

(D)

that is not registered under section 80b–3 of this title because that person is exempt from registration as provided in subsection (b)(8) of such section, or is a supervised person of such person.

(2)

Limitation

(c)

Exemptions

(d)

State assistance

(Aug. 22, 1940, ch. 686, title II, § 203A, as added Pub. L. 104–290, title III, § 303(a), Oct. 11, 1996, 110 Stat. 3437; amended Pub. L. 109–290, § 7(b)(1), Sept. 29, 2006, 120 Stat. 1321; Pub. L. 111–203, title IV, § 410, July 21, 2010, 124 Stat. 1576; Pub. L. 114–94, div. G, title LXXIV, § 74003, Dec. 4, 2015, 129 Stat. 1786; Pub. L. 115–417, § 3, Jan. 3, 2019, 132 Stat. 5439.)

cite as: 15 USC 80b-3a