§ 359-eee. Definitions. Registration requirements for investment\nadvisers. 1. The following terms, whenever used or referred to in this\narticle, shall have the following meaning unless a different meaning\nclearly appears from the context:\n (a) "Investment adviser" shall mean any person who, for compensation,\nengages in the business of advising members of the public, either\ndirectly or through publications or writings within or from the state of\nNew York, as to the value of securities or as to the advisability of\ninvesting in, purchasing, or selling or holding securities, or who, for\ncompensation and as a part of a regular business issues or promulgates\nanalyses or reports concerning securities to members of the public\nwithin or from the state of New York. "Investment adviser" shall not\ninclude:\n (1) A bank or trust company unless it is considered an investment\nadviser under the federal investment advisers act of 1940;\n (2) A lawyer, accountant, engineer or teacher whose performance of\nthese services is solely incidental to the practice of this profession;\n (3) A broker or dealer whose performance of these services is solely\nincidental to the conduct of his business as broker or dealer and who\nreceives no special compensation for them;\n (4) A publisher of any bona fide newspaper or news magazine;\n (5) A person who sold, during the preceding twelve month period,\ninvestment advisory services to fewer than six persons residing in this\nstate, exclusive of financial institutions and institutional buyers as\nmay be defined by rule or regulation of the attorney general;\n (6) A federally covered investment adviser;\n (7) A person who would otherwise be required or permitted to register\nwith the federal securities and exchange commission as an investment\nadviser were it not for the exemption from registration under section\n203(b)(3) of the federal Investment Advisers Act of 1940. For purposes\nof this exemption, the provisions of Rule 203(b)(3)-1 thereunder shall\napply; and\n (8) Such other person as may be excluded from the definition of\ninvestment adviser or federally covered investment adviser or exempted\nfrom the provisions of subdivision two of this section by rules or\nregulations prescribed by the attorney general.\n (b) A "person" under this section shall mean a natural person,\ncorporation, company, partnership, trust or association.\n (c) "Federally covered investment adviser" shall mean a person who is\nregistered under section 203 of the federal investment advisers act of\n1940, 15 U.S.C. § 80b et seq. Such term shall not include any person who\nis excluded from the term "investment adviser" pursuant to subparagraphs\none through five, seven, and eight of paragraph (a) of this subdivision.\n 2. (a) It shall be unlawful for any investment adviser, as defined in\nthis section, to engage as such within or from the state of New York\nunless and until such person shall have filed with the department of law\na registration statement as provided herein.\n (b) The attorney general may prescribe an alternative filing method\nthat facilitates a central registration depository whereby investment\nadvisers or federally covered investment advisers can centrally or\nsimultaneously register or submit a notice filing, as applicable, and\npay fees for all states in which they plan to transact business which\nrequire registration or notice filings. The attorney general is hereby\nauthorized to enter into an agreement or otherwise facilitate such\nalternative method with any national securities association, national\nsecurities exchange, national association of state securities\nadministrators or similar association or agents thereof to effectuate\nthe provisions of this subdivision.\n 3. A registration statement relating to persons who must register\nunder this section, to be known as the "investment adviser statement"\nshall contain such information pertaining to the business history for\nthe last
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.