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Does an SEC registered firm have to register with a state?


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Does an SEC registered firm have to register with a state?

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An SEC registered investment advisory firm does not have to register with state securities regulators. However, an SEC registered investment advisor firm is required to notice file with each state securities regulator where it maintains a place of business or if the investment advisor firm has more than 5 investment advisory clients. (It should be noted that certain state securities regulators, such as Texas State Securities Board, do not recognize this de minimus exemption and require notification upon the first investment advisory client.) In most states, an SEC registered investment advisor firm can notice file with a state securities regulator by electronically submitting the Form ADV Part I via the IARD system and paying the state securities regulator its notice filing fee.

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