17-12a403.Investment adviser registration
requirement and exemptions.
(a) Registration requirement. It is unlawful for
a person to transact business in this state as an investment adviser
unless the person is registered under this act as an investment
adviser or is exempt from registration as an investment adviser
under subsection (b).
(b) Exemptions from registration. The following persons are
exempt from the registration requirement of subsection (a):
(1) A person without a place of business in this state that is
registered under the securities act of the state in which the person
has its principal place of business if its only clients in this
state are:
(A) Federal covered investment advisers, investment advisers
registered under this act, or broker-dealers registered under this
act;
(B) institutional investors;
(C) bona fide preexisting clients whose principal places of
residence are not in this state if the investment adviser is
registered under the securities act of the state in which the
clients maintain principal places of residence; or
(D) any other client exempted by rule adopted or order issued
under this act;
(2) a person without a place of business in this state if the
person has had, during the preceding 12 months, not more than five
clients that are resident in this state in addition to those
specified under paragraph (1); or
(3) any other person exempted by rule adopted or order issued
under this act.
(c) Limits on employment or association. It is unlawful for
an investment adviser, directly or indirectly, to employ or
associate with an individual to engage in an activity related to
investment advice in this state if the registration of the
individual is suspended or revoked or the individual is barred from employment
or association with an investment adviser, federal
covered investment adviser, or broker-dealer by an order under this
act, the securities and exchange commission, or a self-regulatory
organization, unless the investment adviser did not know, and in the
exercise of reasonable care could not have known, of the suspension,
revocation, or bar. Upon request from the investment adviser and
for good cause, the administrator, by order, may waive, in whole or
in part, the application of the prohibitions of this subsection to
the investment adviser.
(d) Investment adviser representative registration required.
It is unlawful for an investment adviser to employ or associate with
an individual required to be registered under this act as an
investment adviser representative who transacts business in this
state on behalf of the investment adviser unless the individual is
registered under
K.S.A. 17-12a404(a), and amendments thereto, or is
exempt from registration under
K.S.A. 17-12a404(b), and amendments
thereto.
17-12a403.Investment adviser registration
requirement and exemptions.
(a) Registration requirement. It is unlawful for
a person to transact business in this state as an investment adviser
unless the person is registered under this act as an investment
adviser or is exempt from registration as an investment adviser
under subsection (b).
(b) Exemptions from registration. The following persons are
exempt from the registration requirement of subsection (a):
(1) A person without a place of business in this state that is
registered under the securities act of the state in which the person
has its principal place of business if its only clients in this
state are:
(A) Federal covered investment advisers, investment advisers
registered under this act, or broker-dealers registered under this
act;
(B) institutional investors;
(C) bona fide preexisting clients whose principal places of
residence are not in this state if the investment adviser is
registered under the securities act of the state in which the
clients maintain principal places of residence; or
(D) any other client exempted by rule adopted or order issued
under this act;
(2) a person without a place of business in this state if the
person has had, during the preceding 12 months, not more than five
clients that are resident in this state in addition to those
specified under paragraph (1); or
(3) any other person exempted by rule adopted or order issued
under this act.
(c) Limits on employment or association. It is unlawful for
an investment adviser, directly or indirectly, to employ or
associate with an individual to engage in an activity related to
investment advice in this state if the registration of the
individual is suspended or revoked or the individual is barred from employment
or association with an investment adviser, federal
covered investment adviser, or broker-dealer by an order under this
act, the securities and exchange commission, or a self-regulatory
organization, unless the investment adviser did not know, and in the
exercise of reasonable care could not have known, of the suspension,
revocation, or bar. Upon request from the investment adviser and
for good cause, the administrator, by order, may waive, in whole or
in part, the application of the prohibitions of this subsection to
the investment adviser.
(d) Investment adviser representative registration required.
It is unlawful for an investment adviser to employ or associate with
an individual required to be registered under this act as an
investment adviser representative who transacts business in this
state on behalf of the investment adviser unless the individual is
registered under
K.S.A. 17-12a404(a), and amendments thereto, or is
exempt from registration under
K.S.A. 17-12a404(b), and amendments
thereto.
17-12a403.Investment adviser registration
requirement and exemptions.
(a) Registration requirement. It is unlawful for
a person to transact business in this state as an investment adviser
unless the person is registered under this act as an investment
adviser or is exempt from registration as an investment adviser
under subsection (b).
(b) Exemptions from registration. The following persons are
exempt from the registration requirement of subsection (a):
(1) A person without a place of business in this state that is
registered under the securities act of the state in which the person
has its principal place of business if its only clients in this
state are:
(A) Federal covered investment advisers, investment advisers
registered under this act, or broker-dealers registered under this
act;
(B) institutional investors;
(C) bona fide preexisting clients whose principal places of
residence are not in this state if the investment adviser is
registered under the securities act of the state in which the
clients maintain principal places of residence; or
(D) any other client exempted by rule adopted or order issued
under this act;
(2) a person without a place of business in this state if the
person has had, during the preceding 12 months, not more than five
clients that are resident in this state in addition to those
specified under paragraph (1); or
(3) any other person exempted by rule adopted or order issued
under this act.
(c) Limits on employment or association. It is unlawful for
an investment adviser, directly or indirectly, to employ or
associate with an individual to engage in an activity related to
investment advice in this state if the registration of the
individual is suspended or revoked or the individual is barred from employment
or association with an investment adviser, federal
covered investment adviser, or broker-dealer by an order under this
act, the securities and exchange commission, or a self-regulatory
organization, unless the investment adviser did not know, and in the
exercise of reasonable care could not have known, of the suspension,
revocation, or bar. Upon request from the investment adviser and
for good cause, the administrator, by order, may waive, in whole or
in part, the application of the prohibitions of this subsection to
the investment adviser.
(d) Investment adviser representative registration required.
It is unlawful for an investment adviser to employ or associate with
an individual required to be registered under this act as an
investment adviser representative who transacts business in this
state on behalf of the investment adviser unless the individual is
registered under
K.S.A. 17-12a404(a), and amendments thereto, or is
exempt from registration under
K.S.A. 17-12a404(b), and amendments
thereto.