2017 US Code
Title 15 - Commerce and Trade
Chapter 2D - Investment Companies and Advisers
Subchapter II - Investment Advisers
Sec. 80b-18a - State regulation of investment advisers
| 15 U.S.C. § 80b-18a (2017) |
| §80b–18a. State regulation of investment advisers |
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(a) Jurisdiction of State regulators
Nothing in this subchapter shall affect the jurisdiction of the securities commissioner (or any agency or officer performing like functions) of any State over any security or any person insofar as it does not conflict with the provisions of this subchapter or the rules and regulations thereunder. (b) Dual compliance purposesNo State may enforce any law or regulation that would require an investment adviser to maintain any books or records in addition to those required under the laws of the State in which it maintains its principal office and place of business, if the investment adviser— (1) is registered or licensed as such in the State in which it maintains its principal office and place of business; and (2) is in compliance with the applicable books and records requirements of the State in which it maintains its principal office and place of business. No State may enforce any law or regulation that would require an investment adviser to maintain a higher minimum net capital or to post any bond in addition to any that is required under the laws of the State in which it maintains its principal office and place of business, if the investment adviser— (1) is registered or licensed as such in the State in which it maintains its principal office and place of business; and (2) is in compliance with the applicable net capital or bonding requirements of the State in which it maintains its principal office and place of business. No law of any State or political subdivision thereof requiring the registration, licensing, or qualification as an investment adviser shall require an investment adviser to register with the securities commissioner of the State (or any agency or officer performing like functions) or to comply with such law (other than any provision thereof prohibiting fraudulent conduct) if the investment adviser— (1) does not have a place of business located within the State; and (2) during the preceding 12-month period, has had fewer than 6 clients who are residents of that State. |
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(Aug. 22, 1940, ch. 686, title II, §222, as added Pub. L. 86–750, §16, Sept. 13, 1960, 74 Stat. 888; amended Pub. L. 104–290, title III, §304, Oct. 11, 1996, 110 Stat. 3438; Pub. L. 105–353, title III, §301(d)(2), Nov. 3, 1998, 112 Stat. 3237; Pub. L. 111–203, title IX, §985(e)(4), July 21, 2010, 124 Stat. 1935.) |
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AMENDMENTS
2010—Subsecs. (b), (c). Pub. L. 111–203 substituted "principal office and place of business" for "principal place of business" wherever appearing. 1998—Subsec. (b)(2). Pub. L. 105–353 substituted "principal" for "principle". 1996—Pub. L. 104–290 substituted "regulation" for "control" in section catchline and amended text generally, designating existing provisions as subsec. (a), inserting heading, and adding subsecs. (b) to (d). EFFECTIVE DATE OF 2010 AMENDMENTAmendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. EFFECTIVE DATE OF 1996 AMENDMENTAmendment by Pub. L. 104–290 effective 270 days after Oct. 11, 1996, see section 308(a) of Pub. L. 104–290, as amended, set out as a note under section 80b–2 of this title. |
| United States Code, 2012 Edition, Supplement 5, Title 15 - COMMERCE AND TRADE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 15 - COMMERCE AND TRADE CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS SUBCHAPTER II - INVESTMENT ADVISERS Sec. 80b-18a - State regulation of investment advisers |
| section 80b-18a |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 74 Stat. 888 110 Stat. 3438 112 Stat. 3237 124 Stat. 1935 |
| Public Law 86-750, Public Law 104-290, Public Law 105-353, Public Law 111-203 |
