Overview

Does maintaining a place of business in the state trigger a notice filing (regardless of number of clients)?

No.
CAL. CORP. CODE § 25230.1 (a)(2017)

What is the maximum number of clients adviser can have in the state without triggering a notice filing?

5
CAL. CORP. CODE § 25230.1 (a) (2017)

What sorts of clients are not counted for purposes of determining whether to notice file?

Investment advisers, broker-dealers, banks, savings and loan associations, trust companies, insurance companies, investment companies registered under the Investment Company Act of 1940, pension and profit-sharing trusts (other than self-employed individual retirement plans), or other institutional investors or governmental agencies or instrumentalities designated by rule or order of the commissioner.

CAL. CORP. CODE § 25202(b)(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.