Overview

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

Yes.
21 VAC. § 5-80-210(B)(2017)

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

5
21 VAC § 5-80-210(B)(2017)

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

  1. An investment company as defined in the Investment Company Act of 1940.
  2. An insurance company licensed to transact insurance business in this Commonwealth.
  3. A bank, a bank holding company as defined in the Bank Holding Company Act of 1956, a trust subsidiary organized under Article 3.1 (§ 6.1-32.1 et seq.) of Chapter 2 of Title 6.1 of the Code of Virginia, a savings institution, a credit union, or a trust company if the entity is either (i) authorized or licensed to transact such business in this Commonwealth or (ii) organized under the laws of the United States.
  4. A broker-dealer so registered under the Act and under the Securities Exchange Act of 1934.
  5. An employee benefit plan with assets of not less than $5,000,000.
  6. A governmental agency or instrumentality.

21 VAC § 5-80-210(A)(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.