A. Except with respect to a federal covered investment adviser described in Subsection B of this section, it is unlawful for a federal covered investment adviser to transact business in New Mexico as a federal covered investment adviser unless the federal covered investment adviser complies with Subsection C of this section.
B. The following federal covered investment advisers are not required to comply with Subsection C of this section:
(1) a federal covered investment adviser without a place of business in New Mexico if its only clients in New Mexico are:
(a) federal covered investment advisers, investment advisers registered pursuant to the New Mexico Uniform Securities Act and broker-dealers registered pursuant to that act;
(b) institutional investors;
(c) bona fide preexisting clients whose principal places of residence are not in New Mexico; or
(d) other clients specified by rule adopted or order issued pursuant to the New Mexico Uniform Securities Act;
(2) a federal covered investment adviser without a place of business in New Mexico if the person has had, during the preceding twelve months, not more than five clients that are residents in New Mexico in addition to those specified pursuant to Paragraph (1) of this subsection; and
(3) any other person excluded by rule adopted or order issued pursuant to the New Mexico Uniform Securities Act.
C. A person acting as a federal covered investment adviser not excluded pursuant to Subsection B of this section shall file a notice, a consent to service of process complying with Section 611 [58-13C-611 NMSA 1978] of the New Mexico Uniform Securities Act and such records as have been filed with the securities and exchange commission pursuant to the federal Investment Advisers Act of 1940 required by rule adopted or order issued pursuant to the New Mexico Uniform Securities Act and pay the fees specified in Subsection E of Section 410 [58-13C-410 NMSA 1978] of that act.
D. The notice pursuant to Subsection C of this section becomes effective upon its filing.
History: Laws 2009, ch. 82, § 405.
Effective dates. — Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 13C - New Mexico Uniform Securities
Section 58-13C-401 - Broker-dealer registration requirement and exemptions.
Section 58-13C-402 - Agent registration requirement and exemptions.
Section 58-13C-403 - Investment adviser registration requirement and exemptions.
Section 58-13C-404 - Investment adviser representative registration requirement and exemptions.
Section 58-13C-405 - Federal covered investment adviser notice filing requirement.
Section 58-13C-407 - Succession and change in registration of broker-dealer or investment adviser.
Section 58-13C-410 - Filing fees.