Source: https://www.law.cornell.edu/uscode/text/15/80b-18a
Timestamp: 2017-12-12 23:53:17
Document Index: 367693167

Matched Legal Cases: ['§ 80', '§ 80', '§ 80', '§\u202f80', '§\u202f222', '§\u202f16', '§\u202f304', '§\u202f301', '§\u202f985']

15 U.S. Code § 80b–18a - State regulation of investment advisers | US Law | LII / Legal Information Institute
U.S. Code › Title 15 › Chapter 2D › Subchapter II › § 80b–18a
15 U.S. Code § 80b–18a - State regulation of investment advisers
§ 80b–18a.
(a) Jurisdiction of State regulators
Nothing in this subchapter shall affect the jurisdiction of the securities commissioner (or any agency or officer performing like functions) of any State over any security or any person insofar as it does not conflict with the provisions of this subchapter or the rules and regulations thereunder.
(b) Dual compliance purposesNo State may enforce any law or regulation that would require an investment adviser to maintain any books or records in addition to those required under the laws of the State in which it maintains its principal office and place of business, if the investment adviser—
is registered or licensed as such in the State in which it maintains its principal office and place of business; and
is in compliance with the applicable books and records requirements of the State in which it maintains its principal office and place of business.
(c) Limitation on capital and bond requirementsNo State may enforce any law or regulation that would require an investment adviser to maintain a higher minimum net capital or to post any bond in addition to any that is required under the laws of the State in which it maintains its principal office and place of business, if the investment adviser—
is in compliance with the applicable net capital or bonding requirements of the State in which it maintains its principal office and place of business.
(d) National de minimis standardNo law of any State or political subdivision thereof requiring the registration, licensing, or qualification as an investment adviser shall require an investment adviser to register with the securities commissioner of the State (or any agency or officer performing like functions) or to comply with such law (other than any provision thereof prohibiting fraudulent conduct) if the investment adviser—
does not have a place of business located within the State; and
during the preceding 12-month period, has had fewer than 6 clients who are residents of that State.
(Aug. 22, 1940, ch. 686, title II, § 222, as added Pub. L. 86–750, § 16, Sept. 13, 1960, 74 Stat. 888; amended Pub. L. 104–290, title III, § 304, Oct. 11, 1996, 110 Stat. 3438; Pub. L. 105–353, title III, § 301(d)(2), Nov. 3, 1998, 112 Stat. 3237; Pub. L. 111–203, title IX, § 985(e)(4), July 21, 2010, 124 Stat. 1935.)
2010—Subsecs. (b), (c). Pub. L. 111–203 substituted “principal office and place of business” for “principal place of business” wherever appearing.
1998—Subsec. (b)(2). Pub. L. 105–353 substituted “principal” for “principle”.
1996—Pub. L. 104–290 substituted “regulation” for “control” in section catchline and amended text generally, designating existing provisions as subsec. (a), inserting heading, and adding subsecs. (b) to (d).
Amendment by Pub. L. 104–290 effective 270 days after Oct. 11, 1996, see section 308(a) of Pub. L. 104–290, as amended, set out as a note under section 80b–2 of this title.