Notice Filing Requirements

What this video covers

• The three components of a notice filing package: Securities and Exchange Commission (SEC) documents (Form ADV), filing fee, and consent to service of process
• Why consent to service of process matters: it gives the state Administrator jurisdiction to serve legal papers without full registration
• The concrete line between what states CAN require (fees, records, notice filing itself) versus what they CANNOT require (separate applications, extra exams, state-specific compliance procedures)
• Why antifraud enforcement authority always stays with the state even when registration authority is preempted by federal law
• The critical distinction that a firm's notice filing does NOT cover its investment adviser representatives (IARs), who must register individually if they have a place of business in the state
• The de minimis exemption formula: zero physical offices in the state AND 5 or fewer non-institutional clients in the preceding 12 months means no filing required
• Why employee benefit plans count as institutional clients only once they reach $1 million in assets, exempting them from the client count