Section 451.2405 - Federal covered investment adviser; filing requirements; exceptions; notice; effectiveness of filing(1) Except with respect to a federal covered investment adviser described in subsection (2), a federal covered investment adviser shall not transact business in this state as a federal covered investment adviser unless the federal covered investment adviser complies with subsection (3).(2) The following federal covered investment advisers are not required to comply with subsection (3): (a) A federal covered investment adviser without a place of business in this state if its only clients in this state are any of the following:(i) Federal covered investment advisers, investment advisers registered under this act, and broker-dealers registered under this act.(ii) Institutional investors.(iii) Bona fide preexisting clients whose principal places of residence are not in this state.(iv) Other clients specified by rule or order under this act.(b) A federal covered investment adviser that does not have a place of business in this state if the federal covered investment adviser has had, during the preceding 12 months, not more than 5 clients that are residents of this state in addition to those specified under subdivision (a).(c) Any other person excluded by rule or order under this act.(3) A person acting as a federal covered investment adviser, not excluded under subsection (2), shall file a notice, a consent to service of process complying with section 611, and those records that have been filed with the securities and exchange commission under the investment advisers act of 1940 that are required by rule or order under this act and pay the fees specified in section 410(5).(4) A notice under subsection (3) is effective on filing.Added by 2008, Act 551,s 24 , eff. 10/1/2009.