Section 203 B 3 Of The Advisers Act

3 which read as follows.

Section 203 b 3 of the advisers act. Section 203 b of the investment advisers act of 1940. Section 203 registration of investment advisers. No investment adviser that is regulated or required to be regulated as an investment adviser in the state in which it maintains its principal office and place of business shall register under section 203 unless the investment adviser.

Section 201 findings. 80b 3a and the rules thereunder. Section 204a prevention of misuse of nonpublic information.

A 1 investment adviser representative. This section is a safe harbor and is not intended to specify the exclusive method for determining who may be deemed a single client for purposes of section 203 b 3 of the act. 3 and struck out former par.

Any investment adviser who during the course of the preceding twelve months has had fewer than fifteen 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 subchapter i of this chapter or a company which has elected to be a business development company pursuant to. Investment adviser representative of an investment adviser means a supervised person of the investment adviser. To qualify for the exemption congress provided two specific tests each of which an adviser must satisfy.

Section 203 registration of investment advisers. A except as provided in subsection b and section 203a it shall be unlawful for any investment adviser unless registered under this section to make use of the mails or any means or instrumentality of interstate commerce in connection with his or its business as an investment adviser. Section 205 investment advisory contracts.

Section 202 definitions. Section 203 b 3 of the act provides an exemption from registration for certain investment advisers. Many private fund advisers historically have avoided registration with the sec by relying upon the private adviser exemption set forth in section 203 b 3 of the advisers act the private adviser exemption which provided an exemption from registration for advisers with fewer than 15 clients.