Category Archives: Texas Investment Advisor
 

Nebraska Private Fund Adviser Exemption

May 17, 2016

On May 11, 2016, the Securities Bureau of the Nebraska Department of Banking and Finance (NDBF) adopted a new administrative rule that excludes investment advisers to private funds from the definition of “investment adviser”. This means that an investment adviser who solely advises private funds will not be subject to Nebraska’s investment adviser books and records requirements among other requirements for state registered investment advisers.

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State Registered Investment Advisors Can Choose to Notice File or Register with the Texas State Securities Board

September 12, 2012

State registered investment advisors located outside of Texas but conducting business with at least one client residing in Texas and less than six Texas residents can choose whether they would rather notice file or register with the Texas State Securities Board, the state securities regulator in Texas. The fee to notice file or register is the same, but if the state registered investment advisor chooses to notice file, there is less paperwork and the process is completed more quickly.

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Certain State Securities Regulators Require Branch Registration for Investment Advisers

August 24, 2012

Fifteen states require investment advisers to register their branch offices with the state securities regulator. Currently, the Alabama Securities Commission, the  Arkansas Securities Department, the Connecticut Department of Banking, Securities and Business Investments Division, Florida’s Office of Financial Regulation , Hawaii’s Department of Commerce and Consumer Affairs, Idaho’s Department of Finance, the Illinois Securities Department, Maine’s Office of Securities, the New Hampshire Bureau of Securities, the New Mexico Securities Division, the Ohio Department of Commerce, the Texas State Securities Board, Vermont’s Department of Financial Regulation, the West Virginia Securities Commission, and Wisconsin’s Department of Financial Institutions require investment adviser branch offices to register with state securities regulators. Some of these 15 state securities regulators require an investment adviser branch office registration fee while other states only require registration of each investment adviser branch located in their state.  For state securities regulators that do charge branch office registration fees, the charges range from $20 (by the Illinois Securities Department) to $300 (by the New Mexico Securities Division). For further information on the investment adviser registration requirements in each state, refer to the North American Securities Administrators Association (“NASAA”) website.

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