§ 23-19-4-5 — Federal covered investment adviser requirements; exemptions; filing

Indiana § 23-19-4-5

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 19: INDIANA UNIFORM SECURITIES ACT
• Ch. 4: Broker-Dealers, Agents, Investment Advisers,

Text

(a) 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) 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 article, and broker-dealers registered
under this article;
(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 article.
(2) A federal covered investment adviser without a place of
business in this state if the person has had, during the preceding
twelve (12) months, not more than five (5) clients that are resident
in this state in addition to those specified under subdivision (1).
(3) Any other person excluded by rule adopted or order issued
under this article.
(c) 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 IC 23-19-6-11, 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 article and pay the fees specified in section 10(e) of
this chapter.
(d) The notice under subsection (c) becomes effective upon its
filing.

Legislative History

As added by P.L.27-2007, SEC.23.