(a) It is unlawful forany person to transact business in this State as an investment adviser unless:
(1) The person isregistered under this Chapter;
(2) The person's onlyclients in this State are investment companies as defined in the InvestmentCompany Act of 1940, other investment advisers, investment advisers coveredunder federal law, dealers, banks, trust companies, savings institutions,savings and loan associations, insurance companies, employee benefit plans withassets of not less than one million dollars ($1,000,000), and governmentalagencies or instrumentalities, whether acting for themselves or as trusteeswith investment control, or other institutional investors as are designated byrule or order of the Administrator;
(3) The person has noplace of business in this State, and during the preceding 12‑month periodhas had not more than five clients, other than those specified in subdivision(2) of this subsection, who are residents of the State; or
(4) The person is exemptfrom registration under the Investment Advisers Act of 1940 by operation ofsection 203(b)(3) of that act or by operation of any rule or regulationpromulgated by the United States Securities and Exchange Commission under orrelated to section 203(b)(3) provided that any reference in this subsection toany statute, rule, or regulation shall be deemed to incorporate the statute,rule, or regulation (and any statute, rule, or regulation referenced therein)as in effect June 1, 1988.
(a1) It is unlawful forany person to transact business in this State as an investment adviserrepresentative unless:
(1) The person isregistered under this Chapter; or
(2) The person is aninvestment adviser representative employed by or associated with an investmentadviser exempt from registration under subdivision (2), (3), or (4) ofsubsection (a) of this section; or
(3) The person is aninvestment adviser representative employed by or associated with an investmentadviser covered under federal law that is exempt from the notice filingrequirements of G.S. 78C‑17(a1).
(b) It is unlawful forany person required to be registered as an investment adviser under thisChapter to employ an investment adviser representative unless the investmentadviser representative is registered under this Chapter. The registration of aninvestment adviser representative is not effective during any period when theinvestment adviser representative is not employed by (i) an investment adviserregistered under this Chapter; or (ii) an investment adviser covered underfederal law who has made a notice filing pursuant to the provisions of G.S. 78C‑17(a1).When an investment adviser representative begins or terminates employment orassociation with an investment adviser who is registered under this Chapter,the investment adviser shall notify promptly the Administrator. When aninvestment adviser representative begins or terminates employment orassociation with an investment adviser covered under federal law, theinvestment adviser representative shall, and the investment adviser may, notifypromptly the Administrator.
(b1) No investmentadviser representative may be registered with more than one investment adviserregistered under this Chapter or investment adviser covered under federal lawunless each of the investment advisers which employs or associates theinvestment adviser representative is under common ownership or control.
(b2) Notwithstandingsubsection (b1) of this section, an investment adviser representative may beregistered with more than one investment adviser registered under this Chapteror investment adviser covered under federal law for the purposes of soliciting,offering, or negotiating for the sale of, or for selling investment advisoryservices for or on behalf of, those investment advisers. If an investmentadviser representative is registered with more than one investment adviserpursuant to this subsection, the representative shall be registered separatelywith each investment adviser for whom the representative solicits business andshall provide in writing to each person solicited any information disclosingthe terms of any compensation arrangement that is related to therepresentative's solicitation or referral activities and that is required bythe Administrator pursuant to rule or order. The Administrator may, by rule ororder, specify supervisory procedures consistent with regulations adopted bythe United States Securities and Exchange Commission applicable to investmentadvisers who compensate persons for referrals of business.
(c) Every registrationor notice filing expires December 31 of each year unless renewed.
(d) It is unlawful forany investment adviser covered under federal law to conduct advisory businessin this State unless the investment adviser covered under federal law complieswith the provisions of G.S. 78C‑17(a1). (1987 (Reg. Sess., 1988), c. 1098, s. 1; 1997‑419,ss. 15, 16; 1998‑217, s. 9; 2001‑273, s. 2; 2003‑413, ss. 17,18.)
(a) It is unlawful forany person to transact business in this State as an investment adviser unless:
(1) The person isregistered under this Chapter;
(2) The person's onlyclients in this State are investment companies as defined in the InvestmentCompany Act of 1940, other investment advisers, investment advisers coveredunder federal law, dealers, banks, trust companies, savings institutions,savings and loan associations, insurance companies, employee benefit plans withassets of not less than one million dollars ($1,000,000), and governmentalagencies or instrumentalities, whether acting for themselves or as trusteeswith investment control, or other institutional investors as are designated byrule or order of the Administrator;
(3) The person has noplace of business in this State, and during the preceding 12‑month periodhas had not more than five clients, other than those specified in subdivision(2) of this subsection, who are residents of the State; or
(4) The person is exemptfrom registration under the Investment Advisers Act of 1940 by operation ofsection 203(b)(3) of that act or by operation of any rule or regulationpromulgated by the United States Securities and Exchange Commission under orrelated to section 203(b)(3) provided that any reference in this subsection toany statute, rule, or regulation shall be deemed to incorporate the statute,rule, or regulation (and any statute, rule, or regulation referenced therein)as in effect June 1, 1988.
(a1) It is unlawful forany person to transact business in this State as an investment adviserrepresentative unless:
(1) The person isregistered under this Chapter; or
(2) The person is aninvestment adviser representative employed by or associated with an investmentadviser exempt from registration under subdivision (2), (3), or (4) ofsubsection (a) of this section; or
(3) The person is aninvestment adviser representative employed by or associated with an investmentadviser covered under federal law that is exempt from the notice filingrequirements of G.S. 78C‑17(a1).
(b) It is unlawful forany person required to be registered as an investment adviser under thisChapter to employ an investment adviser representative unless the investmentadviser representative is registered under this Chapter. The registration of aninvestment adviser representative is not effective during any period when theinvestment adviser representative is not employed by (i) an investment adviserregistered under this Chapter; or (ii) an investment adviser covered underfederal law who has made a notice filing pursuant to the provisions of G.S. 78C‑17(a1).When an investment adviser representative begins or terminates employment orassociation with an investment adviser who is registered under this Chapter,the investment adviser shall notify promptly the Administrator. When aninvestment adviser representative begins or terminates employment orassociation with an investment adviser covered under federal law, theinvestment adviser representative shall, and the investment adviser may, notifypromptly the Administrator.
(b1) No investmentadviser representative may be registered with more than one investment adviserregistered under this Chapter or investment adviser covered under federal lawunless each of the investment advisers which employs or associates theinvestment adviser representative is under common ownership or control.
(b2) Notwithstandingsubsection (b1) of this section, an investment adviser representative may beregistered with more than one investment adviser registered under this Chapteror investment adviser covered under federal law for the purposes of soliciting,offering, or negotiating for the sale of, or for selling investment advisoryservices for or on behalf of, those investment advisers. If an investmentadviser representative is registered with more than one investment adviserpursuant to this subsection, the representative shall be registered separatelywith each investment adviser for whom the representative solicits business andshall provide in writing to each person solicited any information disclosingthe terms of any compensation arrangement that is related to therepresentative's solicitation or referral activities and that is required bythe Administrator pursuant to rule or order. The Administrator may, by rule ororder, specify supervisory procedures consistent with regulations adopted bythe United States Securities and Exchange Commission applicable to investmentadvisers who compensate persons for referrals of business.
(c) Every registrationor notice filing expires December 31 of each year unless renewed.
(d) It is unlawful forany investment adviser covered under federal law to conduct advisory businessin this State unless the investment adviser covered under federal law complieswith the provisions of G.S. 78C‑17(a1). (1987 (Reg. Sess., 1988), c. 1098, s. 1; 1997‑419,ss. 15, 16; 1998‑217, s. 9; 2001‑273, s. 2; 2003‑413, ss. 17,18.)
(a) It is unlawful forany person to transact business in this State as an investment adviser unless:
(1) The person isregistered under this Chapter;
(2) The person's onlyclients in this State are investment companies as defined in the InvestmentCompany Act of 1940, other investment advisers, investment advisers coveredunder federal law, dealers, banks, trust companies, savings institutions,savings and loan associations, insurance companies, employee benefit plans withassets of not less than one million dollars ($1,000,000), and governmentalagencies or instrumentalities, whether acting for themselves or as trusteeswith investment control, or other institutional investors as are designated byrule or order of the Administrator;
(3) The person has noplace of business in this State, and during the preceding 12‑month periodhas had not more than five clients, other than those specified in subdivision(2) of this subsection, who are residents of the State; or
(4) The person is exemptfrom registration under the Investment Advisers Act of 1940 by operation ofsection 203(b)(3) of that act or by operation of any rule or regulationpromulgated by the United States Securities and Exchange Commission under orrelated to section 203(b)(3) provided that any reference in this subsection toany statute, rule, or regulation shall be deemed to incorporate the statute,rule, or regulation (and any statute, rule, or regulation referenced therein)as in effect June 1, 1988.
(a1) It is unlawful forany person to transact business in this State as an investment adviserrepresentative unless:
(1) The person isregistered under this Chapter; or
(2) The person is aninvestment adviser representative employed by or associated with an investmentadviser exempt from registration under subdivision (2), (3), or (4) ofsubsection (a) of this section; or
(3) The person is aninvestment adviser representative employed by or associated with an investmentadviser covered under federal law that is exempt from the notice filingrequirements of G.S. 78C‑17(a1).
(b) It is unlawful forany person required to be registered as an investment adviser under thisChapter to employ an investment adviser representative unless the investmentadviser representative is registered under this Chapter. The registration of aninvestment adviser representative is not effective during any period when theinvestment adviser representative is not employed by (i) an investment adviserregistered under this Chapter; or (ii) an investment adviser covered underfederal law who has made a notice filing pursuant to the provisions of G.S. 78C‑17(a1).When an investment adviser representative begins or terminates employment orassociation with an investment adviser who is registered under this Chapter,the investment adviser shall notify promptly the Administrator. When aninvestment adviser representative begins or terminates employment orassociation with an investment adviser covered under federal law, theinvestment adviser representative shall, and the investment adviser may, notifypromptly the Administrator.
(b1) No investmentadviser representative may be registered with more than one investment adviserregistered under this Chapter or investment adviser covered under federal lawunless each of the investment advisers which employs or associates theinvestment adviser representative is under common ownership or control.
(b2) Notwithstandingsubsection (b1) of this section, an investment adviser representative may beregistered with more than one investment adviser registered under this Chapteror investment adviser covered under federal law for the purposes of soliciting,offering, or negotiating for the sale of, or for selling investment advisoryservices for or on behalf of, those investment advisers. If an investmentadviser representative is registered with more than one investment adviserpursuant to this subsection, the representative shall be registered separatelywith each investment adviser for whom the representative solicits business andshall provide in writing to each person solicited any information disclosingthe terms of any compensation arrangement that is related to therepresentative's solicitation or referral activities and that is required bythe Administrator pursuant to rule or order. The Administrator may, by rule ororder, specify supervisory procedures consistent with regulations adopted bythe United States Securities and Exchange Commission applicable to investmentadvisers who compensate persons for referrals of business.
(c) Every registrationor notice filing expires December 31 of each year unless renewed.
(d) It is unlawful forany investment adviser covered under federal law to conduct advisory businessin this State unless the investment adviser covered under federal law complieswith the provisions of G.S. 78C‑17(a1). (1987 (Reg. Sess., 1988), c. 1098, s. 1; 1997‑419,ss. 15, 16; 1998‑217, s. 9; 2001‑273, s. 2; 2003‑413, ss. 17,18.)
