Overview

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

Yes.
N.C. GEN. STAT § 78C-16(d)(2017)
N.C. GEN. STAT § 78C-17(a1)(ii)(2017)

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

5
N.C. GEN. STAT § 78C-17(a1)(ii)(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,
  2. other investment advisers,
  3. federal covered advisers,
  4. dealers,
  5. banks,
  6. trust companies,
  7. savings institutions,
  8. savings and loan associations,
  9. insurance companies,
  10. employee benefits plans with assets of not less than $1,000,000,
  11. governmental agencies or instrumentalities acting for themselves or as trustees with investment control, and
  12. other institutional investors as are designated by rule or order under North Carolina law.


N.C. GEN. STAT. § 78C-16(a)(2)(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.