15 U.S. Code § 80b–18a - State regulation of investment advisers

(a) Jurisdiction of State regulators
Nothing in this subchapter 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 subchapter 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 office and place of business, if the investment adviser—
(1) is registered or licensed as such in the State in which it maintains its principal office and place of business; and
(2) is in compliance with the applicable books and records requirements of the State in which it maintains its principal office and 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 office and place of business, if the investment adviser—
(1) is registered or licensed as such in the State in which it maintains its principal office and 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 office and 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.

Source

(Aug. 22, 1940, ch. 686, title II, § 222, as added Pub. L. 86–750, § 16,Sept. 13, 1960, 74 Stat. 888; amended Pub. L. 104–290, title III, § 304,Oct. 11, 1996, 110 Stat. 3438; Pub. L. 105–353, title III, § 301(d)(2),Nov. 3, 1998, 112 Stat. 3237; Pub. L. 111–203, title IX, § 985(e)(4),July 21, 2010, 124 Stat. 1935.)
Amendments

2010—Subsecs. (b), (c). Pub. L. 111–203substituted “principal office and place of business” for “principal place of business” wherever appearing.
1998—Subsec. (b)(2). Pub. L. 105–353substituted “principal” for “principle”.
1996—Pub. L. 104–290substituted “regulation” for “control” in section catchline and amended text generally, designating existing provisions as subsec. (a), inserting heading, and adding subsecs. (b) to (d).
Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203effective 1 day after July 21, 2010, except as otherwise provided, see section 4 ofPub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking.
Effective Date of 1996 Amendment

Amendment by Pub. L. 104–290effective 270 days after Oct. 11, 1996, see section 308(a) ofPub. L. 104–290, as amended, set out as a note under section 80b–2 of this title.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

15 USCDescription of ChangeSession YearPublic LawStatutes at Large

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


17 CFR - Commodity and Securities Exchanges

17 CFR Part 279 - FORMS PRESCRIBED UNDER THE INVESTMENT ADVISERS ACT OF 1940

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.