Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80b-3a&num=0&edition=prelim
Timestamp: 2020-08-15 15:16:41
Document Index: 785565607

Matched Legal Cases: ['§ 80', '§203', '§303', '§7', '§410', '§74003', '§3', '§80', '§307']

[USC02] 15 USC 80b-3a: State and Federal responsibilities
<< Previous TITLE 15 / CHAPTER 2D / SUBCHAPTER II / § 80b-3a Next >>
15 USC 80b-3a: State and Federal responsibilities Text contains those laws in effect on August 14, 2020
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-
An investment adviser described in this subparagraph is an investment adviser that-
(ii) has assets under management between-
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-
(Aug. 22, 1940, ch. 686, title II, §203A, as added Pub. L. 104–290, title III, §303(a), Oct. 11, 1996, 110 Stat. 3437 ; amended Pub. L. 109–290, §7(b)(1), Sept. 29, 2006, 120 Stat. 1321 ; Pub. L. 111–203, title IV, §410, July 21, 2010, 124 Stat. 1576 ; Pub. L. 114–94, div. G, title LXXIV, §74003, Dec. 4, 2015, 129 Stat. 1786 ; Pub. L. 115–417, §3, Jan. 3, 2019, 132 Stat. 5439 .)
The Investment Company Act of 1940, referred to in subsec. (a)(2)(A), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789 , which is classified generally to subchapter I (§80a–1 et seq.) of this chapter. For complete classification of this Act to the Code, see section 80a–51 of this title and Tables.
2019-Subsec. (b)(1)(D). Pub. L. 115–417 added subpar. (D).
2015-Subsec. (b)(1)(C). Pub. L. 114–94 added subpar. (C).
2010-Subsec. (a)(2), (3). Pub. L. 111–203 added par. (2) and redesignated former par. (2) as (3).
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-
Pub. L. 104–290, title III, §307, Oct. 11, 1996, 110 Stat. 3440 , 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."