Notice Filing Requirements
Chapters in this video
- 0:00 What notice filing is: the mandatory heads-up
- 1:12 Two triggers: place of business versus client count
- 2:13 Institutional clients do not count
- 3:05 Three documents for the filing
- 3:34 Notice filing is not state registration
- 4:03 State authority limits: antifraud only
- 4:47 The fiduciary duty trap: enforcement versus duty
- 5:49 Rapid-fire exam recap
What this video covers
- What notice filing actually is: a mandatory heads-up to the state, not a request for permission to operate
- The two triggers that compel a federal covered investment adviser to notice file in a state (place of business, then 6-or-more non-institutional clients in 12 months)
- Why institutional clients (banks, investment companies, other advisers, large benefit plans) do not count toward the six-client threshold
- The three components of a complete notice filing: Form ADV, consent to service of process (Form U2), and state filing fees
- Why notice filing is not state registration and the adviser remains federal covered
- The limits NSMIA places on state enforcement reach versus the full fiduciary duty that always applies under the Investment Advisers Act
- Why states retain antifraud authority over all advisers within their borders regardless of notice filing status
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