US Code

Public Law 119-73 (01/23/2026)

15 U.S.C. § 80b–3a

State and Federal responsibilities

(a)

Advisers subject to State authorities

(1)

In general

section 80b–3 of this titleNo investment adviser that is regulated or required to be regulated as an investment adviser in the State in which it maintains its principal office and place of business shall register under , unless the investment adviser—
(A)
has assets under management of not less than $25,000,000, or such higher amount as the Commission may, by rule, deem appropriate in accordance with the purposes of this subchapter; or
(B)
is an adviser to an investment company registered under subchapter I of this chapter.
(2)

Treatment of mid-sized investment advisers

(A)

In general

section 80b–3 of this title15 U.S.C. 80a–115 U.S.C. 80a–53section 80b–3 of this titleNo investment adviser described in subparagraph (B) shall register under , unless the investment adviser is an adviser to an investment company registered under the Investment Company Act of 1940 [ et seq.], or a company which has elected to be a business development company pursuant to section 54 of the Investment Company Act of 1940 [], and has not withdrawn the election, except that, if by effect of this paragraph an investment adviser would be required to register with 15 or more States, then the adviser may register under .

(B)

Covered persons

An investment adviser described in this subparagraph is an investment adviser that—
(i)
is required to be registered as an investment adviser with the securities commissioner (or any agency or office performing like functions) of the State in which it maintains its principal office and place of business and, if registered, would be subject to examination as an investment adviser by any such commissioner, agency, or office; and
(ii)
has assets under management between—
(I)
the amount specified under subparagraph (A) of paragraph (1), as such amount may have been adjusted by the Commission pursuant to that subparagraph; and
(II)
$100,000,000, or such higher amount as the Commission may, by rule, deem appropriate in accordance with the purposes of this subchapter.
(3)

“Assets under management” defined

For purposes of this subsection, the term “assets under management” means the securities portfolios with respect to which an investment adviser provides continuous and regular supervisory or management services.

(b)

Advisers subject to Commission authority

(1)

In general

No law of any State or political subdivision thereof requiring the registration, licensing, or qualification as an investment adviser or supervised person of an investment adviser shall apply to any person—
(A)
section 80b–3 of this title that is registered under as an investment adviser, or that is a supervised person of such person, except that a State may license, register, or otherwise qualify any investment adviser representative who has a place of business located within that State;
(B)
section 80b–3 of this titlesection 80b–2(a)(11) of this title1
1 So in original. The word “or” probably should not appear.
that is not registered under because that person is excepted from the definition of an investment adviser under ; or 
(C)
section 80b–3 of this title that is not registered under because that person is exempt from registration as provided in subsection (b)(7) of such section, or is a supervised person of such person; or
(D)
section 80b–3 of this title that is not registered under because that person is exempt from registration as provided in subsection (b)(8) of such section, or is a supervised person of such person.
(2)

Limitation

Nothing in this subsection shall prohibit the securities commission (or any agency or office performing like functions) of any State from investigating and bringing enforcement actions with respect to fraud or deceit against an investment adviser or person associated with an investment adviser.

(c)

Exemptions

Notwithstanding subsection (a), the Commission, by rule or regulation upon its own motion, or by order upon application, may permit the registration with the Commission of any person or class of persons to which the application of subsection (a) would be unfair, a burden on interstate commerce, or otherwise inconsistent with the purposes of this section.

(d)

State assistance

Upon request of the securities commissioner (or any agency or officer performing like functions) of any State, the Commission may provide such training, technical assistance, or other reasonable assistance in connection with the regulation of investment advisers by the State.

Aug. 22, 1940, ch. 686Pub. L. 104–290, title III, § 303(a)110 Stat. 3437Pub. L. 109–290, § 7(b)(1)120 Stat. 1321Pub. L. 111–203, title IV, § 410124 Stat. 1576Pub. L. 114–94, div. G, title LXXIV, § 74003129 Stat. 1786Pub. L. 115–417, § 3132 Stat. 5439(, title II, § 203A, as added , , ; amended , , ; , , ; , , ; , , .)

Editorial Notes

References in Text

act Aug. 22, 1940, ch. 68654 Stat. 789section 80a–51 of this titleThe Investment Company Act of 1940, referred to in subsec. (a)(2)(A), is title I of , , which is classified generally to subchapter I (§ 80a–1 et seq.) of this chapter. For complete classification of this Act to the Code, see and Tables.

Amendments

Pub. L. 115–4172019—Subsec. (b)(1)(D). added subpar. (D).

Pub. L. 114–942015—Subsec. (b)(1)(C). added subpar. (C).

Pub. L. 111–2032010—Subsec. (a)(2), (3). added par. (2) and redesignated former par. (2) as (3).

Pub. L. 109–2902006—Subsecs. (d), (e). redesignated subsec. (e) as (d) and struck out heading and text of former subsec. (d). Text read as follows: “The Commission may, by rule, require an investment adviser—

“(1) to file with the Commission any fee, application, report, or notice required by this subchapter or by the rules issued under this subchapter through any entity designated by the Commission for that purpose; and

“(2) to pay the reasonable costs associated with such filing.”

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Pub. L. 111–203section 419 of Pub. L. 111–203section 80b–2 of this titleAmendment by effective 1 year after , except that any investment adviser may, at the discretion of the investment adviser, register with the Commission under the Investment Advisers Act of 1940 during that 1-year period, subject to the rules of the Commission, and except as otherwise provided, see , set out as a note under .

Effective Date

section 308(a) of Pub. L. 104–290section 80b–2 of this titleSection effective 270 days after , see , as amended, set out as an Effective Date of 1996 Amendment note under .

Continued State Authority

Pub. L. 104–290, title III, § 307110 Stat. 3440

“(a)

Preservation of Filing Requirements .—

section 80b–20 of this titleNothing in this title [see Short Title of 1996 Amendment note set out under ] or any amendment made by this title prohibits the securities commission (or any agency or office performing like functions) of any State from requiring the filing of any documents filed with the Commission pursuant to the securities laws solely for notice purposes, together with a consent to service of process and any required fee.
“(b)

Preservation of Fees .—

Until otherwise provided by law, rule, regulation, or order, or other administrative action of any State, or any political subdivision thereof, adopted after the date of enactment of this Act [], filing, registration, or licensing fees shall, notwithstanding the amendments made by this title, continue to be paid in amounts determined pursuant to the law, rule, regulation, or order, or other administrative action as in effect on the day before such date of enactment.
“(c)

Availability of Preemption Contingent on Payment of Fees.—

“(1)

In general .—

During the period beginning on the date of enactment of this Act [] and ending 3 years after that date of enactment, the securities commission (or any agency or office performing like functions) of any State may require registration of any investment adviser that fails or refuses to pay the fees required by subsection (b) in or to such State, notwithstanding the limitations on the laws, rules, regulations, or orders, or other administrative actions of any State, or any political subdivision thereof, contained in subsection (a), if the laws of such State require registration of investment advisers.
“(2)

Delays .—

For purposes of this subsection, delays in payment of fees or underpayments of fees that are promptly remedied in accordance with the applicable laws, rules, regulations, or orders, or other administrative actions of the relevant State shall not constitute a failure or refusal to pay fees.”
, , , provided that: