Overview

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

Yes.
N.M. STAT. ANN. § 58-13C-405(B)(1)(2017).

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

5
N.M. STAT. ANN. § 58-13C-405(B)(2)(2017).

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

  1. federal covered investment advisers,
  2. investment advisers and broker-dealers registered under New Mexico law,
  3. institutional investors as defined by New Mexico law,
  4. bona fide pre existing clients whose principal places of residence are not in New Mexico,
  5. other clients specified by rule adopted or order issued pursuant to the New Mexico Uniform Securities Act, and
  6. any other person excluded by rule adopted or order issued pursuant to the New Mexico Uniform Securities Act 

N.M. STAT. ANN § 58-13C-405, 58-13C-102(L)


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.