(a) Notice filing requirement. Except with respect to a federal covered investment adviser described in subsection (b), 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 subsection (c).
(b) Notice filing requirement not required. The following federal covered investment advisers are not required to comply with subsection (c):
(1) a federal covered investment adviser without a place of business in this state if its only clients in this state are:
(A) federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter;
(B) institutional investors;
(C) accredited investors;
(D) bona fide preexisting clients whose principal places of residence are not in this state; or
(E) other clients specified by rule adopted or order issued under this chapter;
(2) 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 five clients that are resident in this state in addition to those specified under paragraph (1); and
(3) any other person excluded by rule adopted or order issued under this chapter.
(c) Notice filing procedure. A person acting as a federal covered investment adviser, not excluded under subsection (b), shall file a notice, a consent to service of process complying with section 80A.88, 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 section 80A.65.
(d) Effectiveness of filing. The notice under subsection (c) becomes effective upon its filing and remains effective through December 31 of the year following the year in which it is filed. The notice may be renewed annually in such manner as prescribed by the administrator.
2006 c 196 art 1 s 20,52; 2008 c 256 s 11
Structure Minnesota Statutes
Chapters 80 - 80A — Securities
Chapter 80A — Regulation Of Securities
Section 80A.40 — Section 101; Short Title.
Section 80A.41 — Section 102; Definitions.
Section 80A.42 — Section 103; References To Federal Statutes.
Section 80A.43 — Section 104; References To Federal Agencies.
Section 80A.44 — Section 105; Electronic Records And Signatures.
Section 80A.45 — Section 201; Exempt Securities.
Section 80A.46 — Section 202; Exempt Transactions.
Section 80A.461 — Mnvest Registration Exemption.
Section 80A.47 — Section 203; Additional Exemptions And Waivers.
Section 80A.49 — Section 301; Securities Registration Requirement.
Section 80A.50 — Section 302; Federal Covered Securities; Small Corporate Offering Registration.
Section 80A.51 — Section 303; Securities Registration By Coordination.
Section 80A.52 — Section 304; Securities Registration By Qualification.
Section 80A.53 — Section 305; Securities Registration Filings.
Section 80A.54 — Section 306; Denial, Suspension, And Revocation Of Securities Registration.
Section 80A.55 — Section 307; Waiver And Modification.
Section 80A.56 — Section 401; Broker-dealer Registration Requirement And Exemptions.
Section 80A.57 — Section 402; Agent Registration Requirement And Exemptions.
Section 80A.58 — Section 403; Investment Adviser Registration Requirement And Exemptions.
Section 80A.60 — Section 405; Federal Covered Investment Adviser Notice Filing Requirement.
Section 80A.65 — Section 410; Fees And Expenses.
Section 80A.66 — Section 411; Postregistration Requirements.
Section 80A.68 — Section 501; General Fraud.
Section 80A.69 — Section 502; Prohibited Conduct In Providing Investment Advice.
Section 80A.70 — Section 503; Evidentiary Burden.
Section 80A.71 — Section 504; Filing Of Sales And Advertising Literature.
Section 80A.72 — Section 505; Misleading Filings.
Section 80A.73 — Section 506; Misrepresentations Concerning Registration Or Exemption.
Section 80A.74 — Section 507; Qualified Immunity.
Section 80A.75 — Section 508; Criminal Penalties.
Section 80A.76 — Section 509; Civil Liability.
Section 80A.77 — Section 510; Rescission Offers.
Section 80A.78 — Section 601; Administration.
Section 80A.79 — Section 602; Investigations And Subpoenas.
Section 80A.80 — Section 603; Civil Enforcement.
Section 80A.81 — Section 604; Administrative Enforcement.
Section 80A.82 — Section 605; Rules, Forms, Orders, Interpretative Opinions, And Hearings.
Section 80A.83 — Section 606; Administrative Files And Opinions.
Section 80A.84 — Section 607; Public Records; Confidentiality.
Section 80A.85 — Section 608; Uniformity And Cooperation With Other Agencies.
Section 80A.86 — Section 609; Judicial Review.
Section 80A.87 — Section 610; Jurisdiction.
Section 80A.88 — Section 611; Service Of Process.
Section 80A.89 — Section 612; Severability Clause.
Section 80A.91 — Agent Errors And Omissions Insurance; Choice Of Source.