The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
004
:
BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS
(Cite as: 9 V.S.A. § 5405)
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§ 5405. Federal covered investment adviser notice filing requirement
(a) Except with respect to a federal covered investment adviser described in subsection
(b) of this section, it is unlawful for a federal covered investment adviser to transact
business in this State as a federal covered investment adviser unless the federal
covered investment adviser complies with subsection (c) of this section.
(b) The following federal covered investment advisers are not required to comply with
subsection (c) of this section:
(1) a federal covered investment adviser without a place of business in this State if
its only clients in this State are:
(A) federal covered investment advisers, investment advisers registered under this chapter,
and broker-dealers registered under this chapter;
(B) institutional investors;
(C) bona fide preexisting clients whose principal places of residence are not in this
State; or
(D) other clients specified by rule adopted or order issued under this chapter;
(2) a federal covered investment adviser 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 subdivision (1) of
this subsection; and
(3) any other person excluded by rule adopted or order issued under this chapter.
(c) A person acting as a federal covered investment adviser, not excluded under subsection
(b) of this section, shall file a notice, a consent to service of process complying
with section 5611 of this chapter, and such records as have been filed with the Securities
and Exchange Commission under 15 U.S.C. § 80b-1 et seq. required by rule adopted or order issued under this chapter and pay the fees
specified in subsection 5410(e) of this chapter.
(d) The notice under subsection (c) of this section becomes effective upon its filing. (Added 2005, No. 11, § 1, eff. July 1, 2006.)