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§403. INVESTMENT
ADVISER REGISTRATION REQUIREMENT AND EXEMPTIONS.
(a) [Registration
requirement.] It is unlawful for a person to transact business in
this State as an investment adviser unless the person is registered
under this [Act] as an investment adviser or is exempt from registration
as an investment adviser under subsection (b). |
RCW 21.20.040
Registration and notification required -- Exemptions.
(3) It is unlawful
for any person to transact business in this state as an investment
adviser or investment adviser representative unless:
(a) The person is so
registered or exempt from registration under this chapter;
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§ 23.
INVESTMENT ADVISER REGISTRATION
REQUIREMENT AND EXEMPTIONS.
(1) Registration requirement. It is
unlawful for a person to transact business in this state as an
investment adviser unless the person is registered under this chapter as
an investment adviser or is exempt from registration as an investment
adviser under subsection (2) of this section. |
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(b) [Exemptions
from registration.] 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 [Act], or
broker-dealers registered under this [Act];
(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 [Act];
(2) a person 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 paragraph (1); or
(3) any other person
exempted by rule adopted or order issued under this [Act]. |
(b) the person has
no place of business in this state and (i) the person's only clients in
this state are investment advisers registered under this chapter,
federal covered advisers, broker-dealers, banks, savings institutions,
trust companies, insurance companies, investment companies as defined in
the Investment Company Act of 1940, employee benefit plans with assets
of not less than one million dollars, or governmental agencies or
instrumentalities, whether acting for themselves or as trustees with
investment control, or (ii) during the preceding twelve-month period the
person has had fewer than six clients who are residents of this state
other than those specified in (b)(i) of this subsection;
(c) the person is an
investment adviser to an investment company registered under the
Investment Company Act of 1940;
(d) the person is a
federal covered adviser and the person has complied with requirements of
RCW
21.20.050; or
(e) the person is
excepted from the definition of investment adviser under section
202(a)(11) of the Investment Advisers Act of 1940.
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§ 23(2).
Exemptions
from registration. The following persons are exempt from the
registration requirement of subsection (1) of this section:
(a) 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:
(i)
Federal covered investment advisers, investment
advisers registered under this chapter, or broker-dealers registered
under this chapter;
(ii) Institutional investors;
(iii) 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
(iv) Any other client
exempted by rule adopted or order issued under this chapter;
(b)
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 (a) of this subsection; or
(c) Any other person exempted by rule
adopted or order issued under this chapter. |
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(c) [Limits on
employment or association.] It is unlawful for an investment
adviser, directly or indirectly, to employ or associate with an
individual to engage in an activity related to investment advice in this
State if the registration of the individual is suspended or revoked or
the individual is barred from employment or association with an
investment adviser, federal covered investment adviser, or broker-dealer
by an order under this [Act], the Securities and Exchange Commission, or
a self-regulatory organization, unless the investment adviser did not
know, and in the exercise of reasonable care could not have known, of
the suspension, revocation, or bar. Upon request from the investment
adviser and for good cause, the administrator, by order, may waive, in
whole or in part, the application of the prohibitions of this subsection
to the investment adviser. |
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§ 23(3).
Limits on
employment or association. It is unlawful for an investment adviser,
directly or indirectly, to employ or associate with an individual to
engage in an activity related to investment advice in this state if the
registration of the individual is suspended or revoked or the individual
is barred from employment or association with an investment adviser,
federal covered investment adviser, or broker-dealer by an order under
this chapter, the Securities and Exchange Commission, or a
self-regulatory organization, unless the investment adviser did not
know, and in the exercise of reasonable care could not have known, of
the suspension, revocation, or bar. Upon request from the investment
adviser and for good cause, the director, by order, may waive, in whole
or in part, the application of the prohibitions of this subsection to
the investment adviser. |
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(d) [Investment
adviser representative registration required.] It is unlawful for an
investment adviser to employ or associate with an individual required to
be registered under this [Act] as an investment adviser representative
who transacts business in this State on behalf of the investment adviser
unless the individual is registered under Section 404(a) or is exempt
from registration under Section 404(b). |
(5)(a) It is
unlawful for any person registered or required to be registered as an
investment adviser under this chapter to employ, supervise, or associate
with an investment adviser representative unless such investment adviser
representative is registered as an investment adviser representative
under this chapter.
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§ 23(4).
Investment
adviser representative registration required. It is unlawful for an
investment adviser to employ or associate with an individual required to
be registered under this chapter as an investment adviser representative
who transacts business in this state on behalf of the investment adviser
unless the individual is registered under section 24(1) of this act or
is exempt from registration under section 24(2) of this act. |
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§404. INVESTMENT
ADVISER REPRESENTATIVE REGISTRATION REQUIREMENT AND EXEMPTIONS.
(a) [Registration
requirement.] It is unlawful for an individual to transact
business in this State as an investment adviser representative unless
the individual is registered under this [Act] as an investment adviser
representative or is exempt from registration as an investment adviser
representative under subsection (b). |
See RCW 21.20.040 (addressing IAR registration) |
§ 24.
INVESTMENT ADVISER REPRESENTATIVE
REGISTRATION REQUIREMENT AND EXEMPTIONS. (1)
Registration requirement. It is unlawful for an individual to transact
business in this state as an investment adviser representative unless
the individual is registered under this chapter as an investment adviser
representative or is exempt from registration as an investment adviser
representative under subsection (2) of this section. |
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(b) [Exemptions
from registration.] The following individuals are exempt from the
registration requirement of subsection (a):
(1) an individual
who is employed by or associated with an investment adviser that is
exempt from registration under Section 403(b) or a federal covered
investment adviser that is excluded from the notice filing requirements
of Section 405; and
(2) any other
individual exempted by rule adopted or order issued under this [Act]. |
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§ 24(2).
Exemptions
from registration. The following individuals are exempt from the
registration requirement of subsection (1) of this section:
(a) An individual who is employed by
or associated with an investment adviser that is exempt from
registration under section 23(2) of this act or a federal covered
investment adviser that is excluded from the notice filing requirements
of section 25 of this act; and
(b) Any other individual exempted by rule
adopted or order issued under this chapter. |
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(c) [Registration
effective only while employed or associated.] The registration of
an investment adviser representative is not effective while the
investment adviser representative is not employed by or associated with
an investment adviser registered under this [Act] or a federal covered
investment adviser that has made or is required to make a notice filing
under Section 405. |
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§ 24(3).
Registration
effective only while employed or associated. The registration of an
investment adviser representative is not effective while the investment
adviser representative is not employed by or associated with an
investment adviser registered under this chapter or a federal covered
investment adviser that has made or is required to make a notice filing
under section 25 of this act. |
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(d) [Limit on
affiliations.] An individual may transact business as an investment
adviser representative for more than one investment adviser or federal
covered investment adviser unless a rule adopted or order issued under
this [Act] prohibits or limits an individual from acting as an
investment adviser representative for more than one investment adviser
or federal covered investment adviser. |
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§ 24(4).
Limit on
affiliations. An individual may transact business as an investment
adviser representative for more than one investment adviser or federal
covered investment adviser unless a rule adopted or order issued under
this chapter prohibits or limits an individual from acting as an
investment adviser representative for more than one investment adviser
or federal covered investment adviser. |
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(e) [Limits on
employment or association.] It is unlawful for an individual acting
as an investment adviser representative, directly or indirectly, to
conduct business in this State on behalf of an investment adviser or a
federal covered investment adviser if the registration of the individual
as an investment adviser representative is suspended or revoked or the
individual is barred from employment or association with an investment
adviser or a federal covered investment adviser by an order under this
[Act], the Securities and Exchange Commission, or a self-regulatory
organization. Upon request from a federal covered investment adviser
and for good cause, the administrator, by order issued, may waive, in
whole or in part, the application of the requirements of this subsection
to the federal covered investment adviser. |
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§ 24(5).
Limits on
employment or association. It is unlawful for an individual acting as
an investment adviser representative, directly or indirectly, to conduct
business in this state on behalf of an investment adviser or a federal
covered investment adviser if the registration of the individual as an
investment adviser representative is suspended or revoked or the
individual is barred from employment or association with an investment
adviser or a federal covered investment adviser by an order under this
chapter, the Securities and Exchange Commission, or a self-regulatory
organization. Upon request from a federal covered investment adviser
and for good cause, the director, by order issued, may waive, in whole
or in part, the application of the requirements of this subsection to
the federal covered investment adviser. |
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(f) [Referral
fees.] An investment adviser registered under this [Act], a federal
covered investment adviser that has filed a notice under Section 405, or
a broker-dealer registered under this [Act] is not required to employ or
associate with an individual as an investment adviser representative if
the only compensation paid to the individual for a referral of
investment advisory clients is paid to an investment adviser registered
under this [Act], a federal covered investment adviser who has filed a
notice under Section 405, or a broker-dealer registered under this [Act]
with which the individual is employed or associated as an investment
adviser representative. |
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§ 24(6).
Referral
fees. An investment adviser registered under this chapter, a federal
covered investment adviser that has filed a notice under section 25 of
this act, or a broker-dealer registered under this chapter is not
required to employ or associate with an individual as an investment
adviser representative if the only compensation paid to the individual
for a referral of investment advisory clients is paid to an investment
adviser registered under this chapter, a federal covered investment
adviser who has filed a notice under section 25 of this act, or a
broker-dealer registered under this chapter with which the individual is
employed or associated as an investment adviser representative. |
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§405. FEDERAL
COVERED INVESTMENT ADVISER NOTICE FILING REQUIREMENT.
(a) [Notice
filing requirement.] Except with respect to a federal covered
investment adviser described in subsection (b), 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). |
RCW 21.20.040
Registration and notification required -- Exemptions.
(4) It is unlawful
for any person, other than a federal covered adviser, to hold himself or
herself out as, or otherwise represent that he or she is a "financial
planner", "investment counselor", or other similar term, as may be
specified in rules adopted by the director, unless the person is
registered as an investment adviser or investment adviser
representative, is exempt from registration under RCW
21.20.040(1), or is excluded from the definition of investment
adviser under RCW
21.20.005(6). |
§ 25.
FEDERAL COVERED INVESTMENT ADVISER
NOTICE FILING REQUIREMENT.
(1) Notice filing requirement. Except with
respect to a federal covered investment adviser described in subsection
(2) 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 (3) of this section. |
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(b) [Notice
filing requirement not required.] The following federal covered
investment advisers are not required to comply with subsection (c):
(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 [Act],
and broker-dealers registered under this [Act];
(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 [Act];
(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 paragraph (1); and
(3) any other person
excluded by rule adopted or order issued under this [Act]. |
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§ 25(2).
Notice filing
requirement not required. The following federal covered investment
advisers are not required to comply with subsection (3) of this section:
(a) A federal covered investment adviser
without a place of business in this state if its only clients in this
state are:
(i)
Federal covered investment advisers, investment
advisers registered under this chapter, and broker-dealers registered
under this chapter;
(ii) Institutional investors;
(iii) Bona fide preexisting
clients whose principal places of residence are not in this state; or
(iv) Other clients specified
by rule adopted or order issued under this chapter;
(b) A federal covered investment
adviser 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 (a) of this
subsection; and
(c) Any other person excluded by rule
adopted or order issued under this chapter. |
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(c) [Notice
filing procedure.] A person acting as a federal covered investment
adviser, not excluded under subsection (b), shall file a notice, a
consent to service of process complying with Section 611, and such
records as have been filed with the Securities and Exchange Commission
under the Investment Advisers Act of 1940 required by rule adopted or
order issued under this [Act] and pay the fees specified in Section
410(e). |
RCW 21.20.060
Contents of application for registration - - Capital requirements.
(2) A federal covered adviser
shall file such documents as the director may, by rule or otherwise,
require together with a consent to service of process and the payment of
the fee prescribed in RCW
21.20.340 |
§ 25(3).
Notice filing
procedure. A person acting as a federal covered investment adviser, not
excluded under subsection (2) of this section, shall file a notice, a
consent to service of process complying with section 54 of this act, and
such records as have been filed with the Securities and Exchange
Commission under the Investment Advisers Act of 1940 required by rule
adopted or order issued under this chapter and pay the fees specified in
section 30(5) of this act. |
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(d)
[Effectiveness of filing.] The notice under subsection (c) becomes
effective upon its filing. |
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§ 25(4).
Effectiveness
of filing. The notice under subsection (3) of this section becomes
effective upon its filing. |
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RCW 21.20.040(5)(b).
It is unlawful for any federal covered adviser or any person required
to be registered as an investment adviser under section 203 of the
Investment Advisers Act of 1940 to employ, supervise, or associate with
an investment adviser representative having a place of business located
in this state, unless such investment adviser representative is
registered or is exempted from registration under this chapter. |
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