Overview

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

Yes.
MONT. CODE ANN § 30-10-201(6)(b) (2017)
MONT. CODE ANN § 30-10-201(3)(b) (2017)
MONT. CODE ANN. § 30-10-201(3)(c) (2017)

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

5
MONT. CODE ANN. § 30-10-201(3)(c) (2017)

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

  1. investment companies, as defined in the Investment Company Act of 1940, or insurance companies,
  2. other investment advisers,
  3. federal covered advisers,
  4. broker-dealers,
  5. banks,
  6. trust companies,
  7. savings and loan associations,
  8. employee benefit plans with assets not less than $1,000,000,
  9. governmental agencies or instrumentalities, whether acting for themselves or as trustees with investment control, or
  10. other institutional investors as designated by rule or order of the commissioner.


MONT. CODE ANN. § 30-10-201(3)(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.