2017 US Code
Title 15 - Commerce and Trade
Chapter 2D - Investment Companies and Advisers
Subchapter II - Investment Advisers
Sec. 80b-3a - State and Federal responsibilities
|Citation||15 U.S.C. § 80b-3a (2017)|
|Section Name||§80b–3a. State and Federal responsibilities|
(a) Advisers subject to State authorities
(1) In general
(2) Treatment of mid-sized investment advisers (A) In general
(B) Covered persons
(3) "Assets under management" defined
(b) Advisers subject to Commission authority (1) In general
(c) Exemptions (d) State assistance
REFERENCES IN TEXT
The Investment Company Act of 1940, referred to in subsec. (a)(2)(A), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§80a–1 et seq.) of this chapter. For complete classification of this Act to the Code, see section 80a–51 of this title and Tables.AMENDMENTS
2015—Subsec. (b)(1)(C). Pub. L. 114–94 added subpar. (C).
2010—Subsec. (a)(2), (3). Pub. L. 111–203 added par. (2) and redesignated former par. (2) as (3).
2006—Subsecs. (d), (e). Pub. L. 109–290 redesignated subsec. (e) as (d) and struck out heading and text of former subsec. (d). Text read as follows: "The Commission may, by rule, require an investment adviser—
"(1) to file with the Commission any fee, application, report, or notice required by this subchapter or by the rules issued under this subchapter through any entity designated by the Commission for that purpose; and
EFFECTIVE DATE OF 2010 AMENDMENT
"(2) to pay the reasonable costs associated with such filing."
Amendment by Pub. L. 111–203 effective 1 year after July 21, 2010, except that any investment adviser may, at the discretion of the investment adviser, register with the Commission under the Investment Advisers Act of 1940 during that 1-year period, subject to the rules of the Commission, and except as otherwise provided, see section 419 of Pub. L. 111–203, set out as a note under section 80b–2 of this title.EFFECTIVE DATE
Section effective 270 days after Oct. 11, 1996, see section 308(a) of Pub. L. 104–290, as amended, set out as an Effective Date of 1996 Amendment note under section 80b–2 of this title.CONTINUED STATE AUTHORITY
Pub. L. 104–290, title III, §307, Oct. 11, 1996, 110 Stat. 3440, provided that:
"(a) Preservation of Filing Requirements.—Nothing in this title [see Short Title of 1996 Amendment note set out under section 80b–20 of this title] or any amendment made by this title prohibits the securities commission (or any agency or office performing like functions) of any State from requiring the filing of any documents filed with the Commission pursuant to the securities laws solely for notice purposes, together with a consent to service of process and any required fee.
"(b) Preservation of Fees.—Until otherwise provided by law, rule, regulation, or order, or other administrative action of any State, or any political subdivision thereof, adopted after the date of enactment of this Act [Oct. 11, 1996], filing, registration, or licensing fees shall, notwithstanding the amendments made by this title, continue to be paid in amounts determined pursuant to the law, rule, regulation, or order, or other administrative action as in effect on the day before such date of enactment.
"(c) Availability of Preemption Contingent on Payment of Fees.—
"(1) In general.—During the period beginning on the date of enactment of this Act [Oct. 11, 1996] and ending 3 years after that date of enactment, the securities commission (or any agency or office performing like functions) of any State may require registration of any investment adviser that fails or refuses to pay the fees required by subsection (b) in or to such State, notwithstanding the limitations on the laws, rules, regulations, or orders, or other administrative actions of any State, or any political subdivision thereof, contained in subsection (a), if the laws of such State require registration of investment advisers.
"(2) Delays.—For purposes of this subsection, delays in payment of fees or underpayments of fees that are promptly remedied in accordance with the applicable laws, rules, regulations, or orders, or other administrative actions of the relevant State shall not constitute a failure or refusal to pay fees."
|Publication Title||United States Code, 2012 Edition, Supplement 5, Title 15 - COMMERCE AND TRADE|
|Category||Bills and Statutes|
|Collection||United States Code|
|SuDoc Class Number||Y 1.2/5:|
|Contained Within||Title 15 - COMMERCE AND TRADE
CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER II - INVESTMENT ADVISERS
Sec. 80b-3a - State and Federal responsibilities
|Laws In Effect As Of Date||January 12, 2018|
|Statutes at Large References||54 Stat. 789
110 Stat. 3437, 3440
120 Stat. 1321
124 Stat. 1576
129 Stat. 1786
|Public Law References||Public Law 104-290, Public Law 109-290, Public Law 111-203, Public Law 114-94|