CITE

    15 USC Sec. 80b-3a                                          01/05/2009

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
    SUBCHAPTER II - INVESTMENT ADVISERS

HEAD

    Sec. 80b-3a. State and Federal responsibilities

STATUTE

    (a) Advisers subject to State authorities
      (1) In general
        No investment adviser that is regulated or required to be
      regulated as an investment adviser in the State in which it
      maintains its principal office and place of business shall
      register under section 80b-3 of this title, unless the investment
      adviser -
          (A) has assets under management of not less than $25,000,000,
        or such higher amount as the Commission may, by rule, deem
        appropriate in accordance with the purposes of this subchapter;
        or
          (B) is an adviser to an investment company registered under
        subchapter I of this chapter.
      (2) "Assets under management" defined
        For purposes of this subsection, the term "assets under
      management" means the securities portfolios with respect to which
      an investment adviser provides continuous and regular supervisory
      or management services.
    (b) Advisers subject to Commission authority
      (1) In general
        No law of any State or political subdivision thereof requiring
      the registration, licensing, or qualification as an investment
      adviser or supervised person of an investment adviser shall apply
      to any person -
          (A) that is registered under section 80b-3 of this title as
        an investment adviser, or that is a supervised person of such
        person, except that a State may license, register, or otherwise
        qualify any investment adviser representative who has a place
        of business located within that State; or
          (B) that is not registered under section 80b-3 of this title
        because that person is excepted from the definition of an
        investment adviser under section 80b-2(a)(11) of this title.
      (2) Limitation
        Nothing in this subsection shall prohibit the securities
      commission (or any agency or office performing like functions) of
      any State from investigating and bringing enforcement actions
      with respect to fraud or deceit against an investment adviser or
      person associated with an investment adviser.
    (c) Exemptions
      Notwithstanding subsection (a) of this section, the Commission,
    by rule or regulation upon its own motion, or by order upon
    application, may permit the registration with the Commission of any
    person or class of persons to which the application of subsection
    (a) of this section would be unfair, a burden on interstate
    commerce, or otherwise inconsistent with the purposes of this
    section.
    (d) State assistance
      Upon request of the securities commissioner (or any agency or
    officer performing like functions) of any State, the Commission may
    provide such training, technical assistance, or other reasonable
    assistance in connection with the regulation of investment advisers
    by the State.

SOURCE

    (Aug. 22, 1940, ch. 686, title II, Sec. 203A, as added Pub. L. 104-
    290, title III, Sec. 303(a), Oct. 11, 1996, 110 Stat. 3437;
    amended Pub. L. 109-290, Sec. 7(b)(1), Sept. 29, 2006, 120 Stat.
    1321.)

AMENDMENTS

      2006 - Subsecs. (d), (e). Pub. L. 109-290 redesignated subsec.
    (e) as (d) and struck out heading and text of former subsec. (d).
    Text read as follows: "The Commission may, by rule, require an
    investment adviser -
        "(1) to file with the Commission any fee, application, report,
      or notice required by this subchapter or by the rules issued
      under this subchapter through any entity designated by the
      Commission for that purpose; and
        "(2) to pay the reasonable costs associated with such filing."
                              EFFECTIVE DATE
      Section effective 270 days after Oct. 11, 1996, see section
    308(a) of Pub. L. 104-290, as amended, set out as an Effective Date
    of 1996 Amendment note under section 80b-2 of this title.
                         CONTINUED STATE AUTHORITY
      Section 307 of title III of Pub. L. 104-290 provided that:
      "(a) Preservation of Filing Requirements. - Nothing in this title
    [see Short Title of 1996 Amendment note set out under section 80b-
    20 of this title] or any amendment made by this title prohibits
    the securities commission (or any agency or office performing like
    functions) of any State from requiring the filing of any documents
    filed with the Commission pursuant to the securities laws solely
    for notice purposes, together with a consent to service of process
    and any required fee.
      "(b) Preservation of Fees. - Until otherwise provided by law,
    rule, regulation, or order, or other administrative action of any
    State, or any political subdivision thereof, adopted after the date
    of enactment of this Act [Oct. 11, 1996], filing, registration, or
    licensing fees shall, notwithstanding the amendments made by this
    title, continue to be paid in amounts determined pursuant to the
    law, rule, regulation, or order, or other administrative action as
    in effect on the day before such date of enactment.
      "(c) Availability of Preemption Contingent on Payment of Fees. -
        "(1) In general. - During the period beginning on the date of
      enactment of this Act [Oct. 11, 1996] and ending 3 years after
      that date of enactment, the securities commission (or any agency
      or office performing like functions) of any State may require
      registration of any investment adviser that fails or refuses to
      pay the fees required by subsection (b) in or to such State,
      notwithstanding the limitations on the laws, rules, regulations,
      or orders, or other administrative actions of any State, or any
      political subdivision thereof, contained in subsection (a), if
      the laws of such State require registration of investment
      advisers.
        "(2) Delays. - For purposes of this subsection, delays in
      payment of fees or underpayments of fees that are promptly
      remedied in accordance with the applicable laws, rules,
      regulations, or orders, or other administrative actions of the
      relevant State shall not constitute a failure or refusal to pay
      fees."
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