1 Miss. Code. R. 14-6.07 - Bonding Requirements for Investment Advisers
A. Every investment
adviser registered or required to be registered under the Act who has custody
of or discretionary authority over client funds or securities shall be bonded
in an amount determined by the Division based upon the number of clients and
the total assets under management of the investment adviser. Such bond shall be
at a minimum of Thirty Thousand Dollars ($30,000.00) for investment advisers
having custody of client funds or requiring payment of advisory fees six (6)
months or more in advance and in excess of Twelve Hundred Dollars ($1,200.00),
and Ten Thousand Dollars ($10,000.00) for investment advisers with
discretionary authority over client funds.
B. Any bond required by this Rule shall be
issued by a company qualified to do business in this state in the form
determined by the Division and shall be subject to the claims of all clients of
such investment adviser regardless of the client's state of
residence.
C. The requirements of
this Rule shall not apply to those applicants or registrants who comply with
the minimum financial requirements of Rule
6.09.
D. An investment adviser that has its
principal place of business in a state other than this state shall be exempt
from the requirements of Subsection (A) of this Rule, provided that the
investment adviser is registered or licensed as an investment adviser in the
state where it has its principal place of business and is in compliance with
such state's requirements relating to bonding and/or minimum financial
requirements.
Notes
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