Notwithstanding any other provision of the Act or this Part,
an investment adviser or a federal covered investment adviser who transmits or
distributes information on available products and services via the
nonproprietary, public computer network (commonly known as the "Internet")
shall not be deemed to be acting as an investment adviser, a federal covered
investment adviser or an investment adviser representative in this State for
purposes of Section 8 of the Act provided that:
a) The communication contains a legend
clearly stating that the investment adviser, the federal covered investment
adviser or investment adviser representative may only transact business in
those states where he, she or it is registered or otherwise excluded or
exempted from state registration;
b) The sender of the communication has taken
reasonable measures to insure that any subsequent interaction between
prospective customers or clients residing in states where the investment
adviser, the federal covered investment adviser or investment adviser
representative is not registered or is not subject to notification filing is
limited so as to not otherwise require state investment adviser or investment
adviser representative registration or notification filing;
c) The communication does not involve the
actual effecting of securities transactions or trades or the rendering of
investment advice for compensation over the Internet but is limited to the
dissemination of information on products or services; and
d) In the case of an investment adviser
representative or a federal covered investment adviser representative, the
affiliation with an investment adviser or federal covered investment adviser is
prominently disclosed within the communication; the investment adviser or
federal covered investment adviser retains the responsibility of reviewing and
approving the content of the Internet communication; the investment adviser or
federal covered investment adviser has authorized the distribution or
dissemination of information on products and services via the Internet
communication; and the investment adviser representative or federal covered
investment adviser representative is acting within the scope of his, her or its
authority in distributing or disseminating the Internet
communication.
