551.405 Federal covered investment adviser notice filing requirement.

382 words·~2 min read·/wi/chapter-551/551-405-4

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Notice filing requirement. Except with respect to a federal covered investment adviser described in sub.

(2), it is unlawful for a federal covered investment adviser to transact business in this state as a federal covered investment adviser unless the federal covered investment adviser complies with sub.

(3).

(2)Notice filing requirement not required. The following federal covered investment advisers are not required to comply with sub.

(3):

(a)A federal covered investment adviser without a place of business in this state if its only clients in this state are:

1. Federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter.

2. Institutional investors.

2m. Accredited investors as defined and listed in 17 CFR 230.501

(1), (2), (3), (7), or

(8)under Regulation D under the Securities Act of 1933.

3. Bona fide preexisting clients whose principal places of residence are not in this state.

4. Other clients specified by rule adopted or order issued under this chapter.

(b)A federal covered investment adviser without a place of business in this state if the person has had, during the preceding 12 months, not more than 5 clients that are resident in this state in addition to those specified under par.

(a).

(c)Any other person excluded by rule adopted or order issued under this chapter.

(3)Notice filing procedure. A person acting as a federal covered investment adviser, not excluded under sub.

(2), shall file a notice, a consent to service of process complying with s. 551.611 , and such records as have been filed with the Securities and Exchange Commission under the Investment Advisers Act of 1940 required by rule adopted or order issued under this chapter and pay the fees specified in s. 551.614

(2).

(4)Effectiveness of filing. The notice under sub.

(3)becomes effective upon its filing and expires on December 31 unless any of the following occurs:

(a)The notice filing is renewed.

(b)The notice filing is limited or extended for not more than 6 months and the notice filer pays a fee, adjusted proportionately by the administrator by rule or order.

(c)The administrator specifies a different expiration date by rule or order.