Overview

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

Yes.
 9 V.S.A. § 5405(b)(1)

Place of business  means:

  1. An office at which the broker-dealer, investment adviser, or federal covered investment adviser regularly provides brokerage or investment advice or solicits, meets with, or otherwise communicates with customers or clients; or
  2. Any other location that is held out to the general public as a location at which the broker-dealer, investment adviser, or federal covered investment adviser provides brokerage or investment advice or solicits, meets with, or otherwise communicates with customers or clients.

9 V.S.A.. § 5102(21)(2017)

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

5
9 V.S.A.. § 5405(b)(2)

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

  1. federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter;
  2. institutional investors;
  3. bona fide preexisting clients whose principal places of residence are not in Vermont; or
  4. other clients specified by rule adopted or order issued under this chapter.

9 V.S.A. § 5405(b)(1)(A) through- (D)(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.