Does maintaining a place of business in the state trigger a notice filing (regardless of number of clients)?
Yes.
N.C. GEN. STAT § 78C-16(d)(2017)
N.C. GEN. STAT § 78C-17(a1)(ii)(2017)
What is the maximum number of clients adviser can have in the state without triggering a notice filing?
5
N.C. GEN. STAT § 78C-17(a1)(ii)(2017)
What sorts of clients are not counted for purposes of determining whether to notice file?
- investment companies as defined in the Investment Company Act of 1940,
- other investment advisers,
- federal covered advisers,
- dealers,
- banks,
- trust companies,
- savings institutions,
- savings and loan associations,
- insurance companies,
- employee benefits plans with assets of not less than $1,000,000,
- governmental agencies or instrumentalities acting for themselves or as trustees with investment control, and
- other institutional investors as are designated by rule or order under North Carolina law.
N.C. GEN. STAT. § 78C-16(a)(2)(2017)
Viewing of these pages does not establish an attorney-client relationship. The information above is informational purposes only and should not be construed as legal advice. A lawyer should be consulted to confirm both applicability and any other issues that might affect or apply to your situation.