(a) A person may not transact business in this state as an investment adviser unless the person is registered under this chapter as an investment adviser or is exempt from registration as an investment adviser under (b) of this section.

Terms Used In Alaska Statutes 45.56.340

  • administrator: means the commissioner of commerce, community, and economic development or a designee of the commissioner. See Alaska Statutes 45.56.900
  • broker-dealer: means a person engaged in the business of effecting transactions in securities for the accounts of others or for the person's own account. See Alaska Statutes 45.56.900
  • federal covered investment adviser: means a person registered under 15 U. See Alaska Statutes 45.56.900
  • investment adviser: includes a financial planner or other person that, as an integral component of other financially related services, provides investment advice to others for compensation as part of a business or that holds itself out as providing investment advice to others for compensation. See Alaska Statutes 45.56.900
  • investment adviser representative: means an individual employed by or associated with an investment adviser or federal covered investment adviser and who makes any recommendations or otherwise gives investment advice regarding securities, manages accounts or portfolios of clients, determines which recommendation or advice regarding securities should be given, provides investment advice or offers to provide investment advice, receives compensation to solicit, offer, or negotiate for the sale of or for selling investment advice, or supervises employees who perform any of the foregoing. See Alaska Statutes 45.56.900
  • person: means an individual, a corporation, a partnership, a limited liability company, a limited partnership, a limited liability partnership, an association, a joint-stock company, a trust in which the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government, or a political subdivision of a government. See Alaska Statutes 45.56.900
  • Securities and Exchange Commission: means the United States Securities and Exchange Commission. See Alaska Statutes 45.56.900
  • self-regulatory organization: means a national securities exchange registered under 15 U. See Alaska Statutes 45.56.900
  • 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 Alaska Statutes 45.56.900
(b) The following persons are exempt from the registration requirement in (a) of this section:

(1) a person without a place of business in this state that is registered under the securities act of the state in which the person has the person’s principal place of business if the person’s only clients in this state are

(A) federal covered investment advisers, investment advisers registered under this chapter, or broker-dealers registered under this chapter;
(B) institutional investors;
(C) bona fide preexisting clients whose principal places of residence are not in this state if the investment adviser is registered under the securities act of the state in which the clients maintain principal places of residence; or
(D) exempted by a regulation adopted or order issued under this chapter;
(2) a person without a place of business in this state if the person has had, during the preceding 12 months, not more than five clients that are resident in this state in addition to those specified under (1) of this subsection; or
(3) any other person exempted by a regulation adopted or order issued under this chapter.
(c) An investment adviser may not, directly or indirectly, employ or associate with an individual to engage in an activity related to investment advice in this state if the registration of the individual is suspended or revoked or the individual is barred from employment or association with an investment adviser, federal covered investment adviser, or broker-dealer by an order under this chapter, the Securities and Exchange Commission, or a self-regulatory organization, unless the investment adviser did not know and, in the exercise of reasonable care, could not have known of the suspension, revocation, or bar. Upon request from the investment adviser and for good cause, the administrator may by order, waive, in whole or in part, the application of the prohibitions of this subsection to the investment adviser.
(d) An investment adviser may not employ or associate with an individual required to be registered under this chapter as an investment adviser representative who transacts business in this state on behalf of the investment adviser unless the individual is registered under Alaska Stat. § 45.56.350(a) or is exempt from registration under Alaska Stat. § 45.56.350(b).
  Previous section
Next section  
 Article 2 Contents