(a) Notice filing requirement. Except with respect to a federal covered investment adviser described in subsection (b) of this section, it is unlawful for a federal covered investment adviser to transact business in this state as a federal covered investment adviser unless the federal covered investment adviser complies with subsection (c) of this section.
(b) Notice filing requirement not required. The following federal covered investment advisers are not required to comply with subsection (c) of this section:
(1) A federal covered investment adviser without a place of business in this state if its only clients in this state are:
(A) Federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter;
(B) Institutional investors;
(C) Bona fide preexisting clients whose principal places of residence are not in this state; or
(D) Other clients specified by a rule adopted or an order issued under this chapter;
(2) A federal covered investment adviser without a place of business in this state if the person has had, during the preceding twelve (12) months, not more than five (5) clients that are resident in this state in addition to those specified under subsection (b)(1) of this section; and
(3) Any other person excluded by a rule adopted or an order issued under this chapter.
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Terms Used In Idaho Code 30-14-405

  • Federal covered investment adviser: means a person registered under the investment advisers act of 1940, as cited in section 30-14-103, Idaho Code. See Idaho Code 30-14-102
  • Filing: means the receipt under this chapter of a record by the administrator or a designee of the administrator. See Idaho Code 30-14-102
  • Investment adviser: means a person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing or selling securities or that, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. See Idaho Code 30-14-102
  • Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. See Idaho Code 30-14-102
  • Securities and exchange commission: means the United States securities and exchange commission. See Idaho Code 30-14-102
  • Service of process: The service of writs or summonses to the appropriate party.
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Idaho Code 30-14-102
(c) Notice filing procedure. A person acting as a federal covered investment adviser, not excluded under subsection (b) of this section, shall file a notice, a consent to service of process complying with section 30-14-611, Idaho Code, and such records as have been filed with the securities and exchange commission under the investment advisers act of 1940 required by a rule adopted or an order issued under this chapter and pay the fees specified in section 30-14-410(e), Idaho Code.
(d) Effectiveness of filing. The notice under subsection (c) of this section becomes effective upon its filing and expires on December thirty-first of each year unless renewed.