502.405 - FEDERAL COVERED INVESTMENT ADVISER NOTICE FILING REQUIREMENT.

        502.405  FEDERAL COVERED INVESTMENT ADVISER NOTICE      FILING REQUIREMENT.         1.  Notice filing requirement.  Except with respect to a      federal covered investment adviser described in subsection 2, 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 3.         2.  Notice filing requirement not required.  The following      federal covered investment advisers are not required to comply with      subsection 3:         a.  A federal covered investment adviser without a place of      business in this state if its only clients in this state are any of      the following:         (1)  Federal covered investment advisers, investment advisers      registered under this chapter, and broker-dealers registered under      this chapter.         (2)  Institutional investors.         (3)  Bona fide preexisting clients whose principal places of      residence are not in this state.         (4)  Other clients specified by rule adopted or order issued under      this chapter.         b.  A federal covered investment adviser without a place of      business in this state if the person has had, during the preceding      twelve months, not more than five clients that are resident in this      state in addition to those specified under paragraph "a".         c.  Any other person excluded by rule adopted or order issued      under this chapter.         3.  Notice filing procedure.  A person acting as a federal      covered investment adviser, not excluded under subsection 2, shall      file a notice, a consent to service of process complying with section      502.611, 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 chapter and pay      the fees specified in section 502.410, subsection 5.         4.  Effectiveness of filing.  The notice under subsection 3      becomes effective upon its filing.  
         Section History: Early Form
         [SS15, § 1920-u19; C24, 27, § 8577; C31, 35, § 8581-c21; C39, §      8581.26; C46, 50, 54, 58, 62, 66, 71, 73, 75, § 502.26; C77, 79,      81, § 502.405] 
         Section History: Recent Form
         2004 Acts, ch 1161, §30, 68         Referred to in § 502.404, 502.407, 502.408, 502.410, 502.610