Does maintaining a place of business in the state trigger a notice filing (regardless of number of clients)?
Yes.
N.M. STAT. ANN. § 58-13C-405(B)(1)(2017).
What is the maximum number of clients adviser can have in the state without triggering a notice filing?
5
N.M. STAT. ANN. § 58-13C-405(B)(2)(2017).
What sorts of clients are not counted for purposes of determining whether to notice file?
- federal covered investment advisers,
- investment advisers and broker-dealers registered under New Mexico law,
- institutional investors as defined by New Mexico law,
- bona fide pre existing clients whose principal places of residence are not in New Mexico,
- other clients specified by rule adopted or order issued pursuant to the New Mexico Uniform Securities Act, and
- any other person excluded by rule adopted or order issued pursuant to the New Mexico Uniform Securities Act
N.M. STAT. ANN § 58-13C-405, 58-13C-102(L)
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