Overview

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

No.
950 MASS. CODE REGS. 12.205(1)(b)(2017)

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

5 (with no place of business in the state) and 0 (with a place of business in the state)
950 MASS. CODE REGS. 12.205(1)(b)(2017)
MASS. ANN. LAWS. ch. 110A, § 401(o) and (m) (2017)

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

Federal covered advisers, other investment 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 $ 5,000,000, governmental agencies or instrumentalities, or other financial institutions or institutional buyers, whether acting for themselves or as trustees with investment control.

MASS. ANN. LAWS. ch. 110A, § 401(o) and (m) (2017)


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