§ 5405. Federal covered investment adviser notice filing requirement
(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 this State 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 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) bona fide preexisting clients whose principal places of residence are not in this State; or
(D) 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 subdivision (1) of this subsection; and
(3) any other person excluded by rule adopted or order issued under this chapter.
(c) A person acting as a federal covered investment adviser, not excluded under subsection (b) of this section, shall file a notice, a consent to service of process complying with section 5611 of this chapter, and such records as have been filed with the Securities and Exchange Commission under 15 U.S.C. § 80b-1 et seq. required by rule adopted or order issued under this chapter and pay the fees specified in subsection 5410(e) of this chapter.
(d) The notice under subsection (c) of this section becomes effective upon its filing. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
Structure Vermont Statutes
§ 5103. References to federal statutes
§ 5104. References to federal agencies
§ 5105. Electronic records and signatures
§ 5203. Additional exemptions and waivers
§ 5204. Denial, suspension, revocation, condition, or limitations of exemptions
§ 5301. Securities registration requirement
§ 5303. Securities registration by coordination
§ 5304. Securities registration by qualification
§ 5305. Securities registration filings
§ 5306. Denial, suspension, and revocation of securities registration
§ 5307. Waiver and modification
§ 5401. Broker-dealer registration requirement and exemptions
§ 5402. Agent registration requirement and exemptions
§ 5403. Investment adviser registration requirement and exemptions
§ 5404. Investment adviser representative registration requirement and exemptions
§ 5405. Federal covered investment adviser notice filing requirement
§ 5407. Succession and change in registration of broker-dealer or investment adviser
§ 5411. Postregistration requirements
§ 5502. Prohibited conduct in providing investment advice
§ 5504. Filing of sales and advertising literature
§ 5506. Misrepresentations concerning registration or exemption
§ 5602. Investigations and subpoenas
§ 5604. Administrative enforcement
§ 5605. Rules, forms, orders, interpretative opinions, and hearings
§ 5606. Administrative files and opinions
§ 5607. Public records; confidentiality
§ 5608. Uniformity and cooperation with other agencies
§ 5613. Collection and disposition of fees
§ 5616. Vermont Financial Services Education and Victim Restitution Special Fund