Bill Text: CT HB06285 | 2011 | General Assembly | Introduced

Connecticut House Bill 6285 (Prior Session Legislation)

Introduced

Bill Title: An Act Concerning The Connecticut Uniform Securities Act.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2011-03-03 - Public Hearing 03/08 [HB06285 Detail]

Download: Connecticut-2011-HB06285-Introduced.html


General Assembly		*Raised Bill No. 6285*
*January Session, 2011*		LCO No. 2511
		02511_______BA_
Referred to Committee on Banks
Introduced by:
(BA)

AN ACT CONCERNING THE CONNECTICUT UNIFORM SECURITIES ACT.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Subsection (e) of section 36b-6 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):

(e) The following investment advisers are exempted from the registration requirements under subsection (c) of this section: Any investment adviser that (1) is registered or required to be registered under Section 203 of the Investment Advisers Act of 1940; (2) is excepted from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940; or (3) has no place of business in this state and, during the preceding twelve months, has had no more than five clients who are residents of this state. Any investment adviser claiming an exemption pursuant to subdivision (1) [or (2)] of this subsection that is not otherwise excluded under subsection (11) of section 36b-3, shall first file with the commissioner a notice of exemption together with a consent to service of process as required by subsection (g) of section 36b-33 and shall pay to the commissioner or to any person designated by the commissioner in writing to collect such fee on behalf of the commissioner a nonrefundable fee of two hundred fifty dollars. The notice of exemption shall contain such information as the commissioner may require. Such notice of exemption shall be valid until December thirty-first of the calendar year in which it was first filed and may be renewed annually thereafter upon submission of such information as the commissioner may require together with a nonrefundable fee of one hundred fifty dollars. If any investment adviser that is exempted from registration pursuant to subdivision (1) [or (2)] of this subsection fails or refuses to pay any fee required by this subsection, the commissioner may require such investment adviser to register pursuant to subsection (c) of this section. For purposes of this subsection, a delay in the payment of a fee or an underpayment of a fee which is promptly remedied shall not constitute a failure or refusal to pay such fee.


This act shall take effect as follows and shall amend the following sections:
Section 1	from passage	36b-6(e)

Statement of Purpose:

To conform with federal law by excusing all investment advisers who are excepted from the federal definition of investment adviser from the requirement that investment advisers exempted from the registration requirements set forth in subsection (c) of section 36b-6 file notice of exemption with the Banking Commissioner.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]