SEC. 75-71-303. Registration of investment advisers and investment adviser representatives; notice of employment or termination of investment adviser representatives.

It is unlawful for any person to transact business in this state as an investment adviser or as an investment adviser representative unless (1) he is so registered under this chapter; or (2) he is registered as a broker-dealer or an agent of a broker-dealer; or (3) his only clients in this state are investment companies as defined in the Investment Company Act of 1940, other investment advisers, broker-dealers, banks, trust companies, savings and loan associations, insurance companies, employee benefit plans with assets of not less than One Million Dollars ($1,000,000.00), and governmental agencies or instrumentalities, whether acting for themselves or as trustees with investment control, or other institutional investors as are designated by rule or order of the Secretary of State. It is unlawful for any investment adviser required to be registered to employ an investment adviser representative unless the investment adviser representative is registered under this chapter. The registration of an investment adviser representative is not effective during any period when he is not employed by an investment adviser registered under this chapter. When an investment adviser representative begins or terminates employment with an investment adviser, the investment adviser shall promptly notify the Secretary of State.

SOURCES: Laws, 1981, ch. 521, Sec. 201; 1987, ch. 477, Sec. 6; 1990, ch. 352, Sec. 3, eff from and after passage (approved March 12, 1990).

1997 Amendment:

SECTION 5. Section 75-71-303, Mississippi Code of 1972, is amended as follows:

 75-71-303. (a) It is unlawful for any person to transact business in this state as an investment adviser or as an investment adviser representative unless (1) he is so registered under this chapter; or (2) he is registered as a broker-dealer or an agent of a broker-dealer * * *.

 (b) It is unlawful for any: (1) person required to be registered as an investment adviser under this chapter to employ an investment adviser representative unless the investment adviser representative is registered under this chapter, provided that the registration of an investment adviser representative is not effective during any period when he is not employed by an investment adviser registered under this chapter; or (2) federal covered adviser to employ, supervise or associate with an investment adviser representative having a place of business located in this state, unless such investment adviser representative is registered under this chapter or is exempt from registration. When an investment adviser representative begins or terminates employment with an investment adviser, the investment adviser, in the case of Section 75-71-303(b)(1), or the investment adviser representative in the case of Section 75-71-303(b)(2), shall promptly notify the Secretary of State.
 

SOURCE: 1997 Laws, Chapter 480, Sec. 5, HB1124, Effective AP-March 27, 1997.