Overview

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

No. 
N.J. STAT. ANN. § 49:3-56(n)(2017)

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

5
N.J. STAT. ANN. § 49:3-56(g)

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

  1. other investment advisers,
  2. any person that is registered as, or excluded from the definition of, an “investment adviser” under section 203 of the “Investment Advisers Act of 1940”,
  3. broker-dealers,
  4. banks,
  5. bank holding companies,
  6. savings institutions,
  7. trust companies,
  8. insurance companies,
  9. investment companies as defined in the “Investment Company Act of 1940”,
  10. pension or profit-sharing trusts, or
  11. other financial institutions or institutional buyers, whether acting for themselves or as trustees.

N.J. STAT. ANN. § 49:3-56(n), 49:3-49(g)(2)(vi)(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.