Page:United States Statutes at Large Volume 110 Part 5.djvu/364

 110 STAT. 3438 PUBLIC LAW 104-290—OCT. 11, 1996 "(1) to file with the Commission any fee, apphcation, report, or notice required by this title or by the rules issued under this title through any entity designated by the Commission for that purpose; and "(2) to pay the reasonable costs associated with such filing. "(e) 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.". (b) ADVISERS NOT ELIGIBLE To REGISTER.— Section 203 of the Investment Advisers Act of 1940 (15 U.S.C. 80b -3) is amended— (1) in subsection (c), in the matter immediately following paragraph (2), by inserting "and that the applicant is not prohibited from registering as an investment adviser under section 203A" after "satisfied"; and (2) in subsection (h), in the second sentence— (A) by striking "existence or" and inserting "existence,"; and (B) by inserting "or is prohibited from registering as an investment adviser under section 203A," after "adviser,". (c) DEFINITION OF "SUPERVISED PERSON". —Section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)) is amended— (1) by striking "requires—" and inserting "requires, the following definitions shall apply:"; and (2) by adding at the end the following new paragraph: "(25) 'Supervised person' means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.". (d) CONFORMING AMENDMENT.— Section 203(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3(a)) is amended by striking "subsection (b) of this section" and inserting "subsection (b) and section 203A". SEC. 304. INTERSTATE COOPERATION. Section 222 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-18a) is amended to read as follows: "SEC. 222. STATE REGULATION OF INVESTMENT ADVISERS. "(a) JURISDICTION OF STATE REGULATORS. — Nothing in this title shall affect the jurisdiction of the securities commissioner (or any agency or officer performing like functions) of any State over any security or any person insofar as it does not conflict with the provisions of this title or the rules and regulations thereunder. "(b) DUAL COMPLIANCE PURPOSES.— No State may enforce any law or regulation that would require an investment adviser to maintain any books or records in addition to those required under the laws of the State in which it maintains its principal place of business, if the investment adviser— "(1) is registered or licensed as such in the State in which it maintains its principal place of business; and "(2) is in compliance with the applicable books and records requirements of the State in which it maintains its principle place of business.

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