Investment Adviser State De Minimis Exemptions SD
Yes No
South Dakota Division of Securities 124 South Euclid Avenue, Suite 104 Pierre, SD 57501-3185
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 chapter, or broker-dealers registered under this chapter; (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 chapter; (2) A person without a place of business in this state if the person has had, during the preceding twelve months, not more than five clients that are resident in this state in addition to those specified under paragraph(1); or Any other person exempted by rule adopted or order issued under this chapter. Please see South Dakota Statute 47-31B-403(b)(2) located at http://legis.sd.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&Statute=47-31B-403
TN
Yes No
Tennessee Dept. of Commerce & Insurance Securities Division Davy Crockett Tower, Suite 680 500 James Robertson Parkway Nashville, TN 37243-0575
The following persons shall be exempted from the registration requirements for investment advisers set forth in T.C.A. §48-1-109: (a) Any person domiciled in this state whose only investment advisory clients are insurance companies; or (b) Any person domiciled in this state who, during the course of the preceding twelve (12) months, has had fewer than fifteen (15) clients and who neither holds himself out generally to the public as an investment adviser nor acts as an investment adviser to any investment company registered under the Investment Company Act. (2) (a) No person who is a registered agent or a partner, officer, director, or principal of a registered brokerdealer is eligible for the exemption under paragraph (1) of this Rule. (b) No person who is a partner, officer, director, contracted representative, or non-clerical, non-ministerial employee of a registered investment adviser is eligible for the exemption under paragraph (1) of this Rule. (3) This Rule shall not be construed to exempt any person from the operation of the antifraud provisions of the Act. Please see Rules of Tennessee Dept. of Commerce and Insurance, Division of Securities, Rule 0780-04-03.05(1)(b) located at http://share.tn.gov/sos/rules/0780/0780-04/0780-04-03.20150614.pdf
TX
Yes No *See Note
Texas State Securities Board 208 East 10th Street 5th Floor, PO Box 13167 Austin, TX 78701
2015 Client Advisory Series No. 26- Investment Adviser State De Minimis Exemptions © 2015 Financial Registrations, Inc.
Note: Conditionally Restricted Registration-- All clients in Texas are counted for purposes of the de minimis exemption, regardless of whether another exemption from investment adviser registration is available under the Texas Act or Rules. However, similar to NSMIA’s national de minimis exemption, if an investment adviser does not have a place of business (See FAQ 2.A.10) located in Texas and, during the preceding 12 month period, had no more than five clients (See FAQ 2.A.11) who are Texas residents, the investment adviser is not required to register with the Texas Securities Commissioner. See Rule 116.1(b)(2)(A). However, a notice filing and fee are required. See Rule 116.1(b)(2)(C) and FAQ 2.A.12. This is satisfied by filing Form ADV through the IARD system for the firm as Page 19 of 23 IASDME. (ver. 09092015)