Does maintaining a place of business in the state trigger a notice filing (regardless of number of clients)?
Yes.
21 VAC. § 5-80-210(B)(2017)
What is the maximum number of clients adviser can have in the state without triggering a notice filing?
5
21 VAC § 5-80-210(B)(2017)
What sorts of clients are not counted for purposes of determining whether to notice file?
- An investment company as defined in the Investment Company Act of 1940.
- An insurance company licensed to transact insurance business in this Commonwealth.
- A bank, a bank holding company as defined in the Bank Holding Company Act of 1956, a trust subsidiary organized under Article 3.1 (§ 6.1-32.1 et seq.) of Chapter 2 of Title 6.1 of the Code of Virginia, a savings institution, a credit union, or a trust company if the entity is either (i) authorized or licensed to transact such business in this Commonwealth or (ii) organized under the laws of the United States.
- A broker-dealer so registered under the Act and under the Securities Exchange Act of 1934.
- An employee benefit plan with assets of not less than $5,000,000.
- A governmental agency or instrumentality.
21 VAC § 5-80-210(A)(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.