44-3152. Exemption of certain investment
advisers and investment adviser representatives
A. An investment adviser is not required to be licensed or make a notice filing
under this chapter if that investment adviser does not have a place of business in this
state and either:
1. Its only clients in this state are investment companies, other investment
advisers, dealers, depository institutions, insurance companies, employee benefit plans
with assets of not less than one million dollars and governmental agencies or
instrumentalities, whether acting for themselves or as trustees with investment control.
2. During the preceding twelve months it had fewer than six clients who are
residents of this state other than those clients specified in paragraph 1.
B. If the commission determines that it is not necessary for any investment adviser
or class of investment advisers or investment adviser representative or class of
investment adviser representatives to be licensed to protect the public interest because
of the special characteristics of the securities or transactions in which the investment
adviser or investment adviser representative may be involved, the commission may by rule
or order provide limited licensure requirements or exempt these persons from licensure
under this article.
C. A dealer or salesman that is registered with the commission pursuant to chapter
12, article 9 of this title is not required to be licensed, make a notice filing or
comply with reporting requirements under this article.
D. The authorized use of the designation "chartered financial consultant" by an
insurance producer licensed by the department of insurance does not in and of itself
constitute holding oneself out to the public as an investment adviser or require a
license under this article.
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