Sec 44-3152. Exemption of certain investment advisers and investment adviser representatives

A. An investment adviser is not required to be licensed or make a notice filing under this chapter if that investment adviser does not have a place of business in this state and either:

1. Its only clients in this state are investment companies, other investment advisers, dealers, depository institutions, insurance companies, employee benefit plans with assets of not less than one million dollars and governmental agencies or instrumentalities, whether acting for themselves or as trustees with investment control.

2. During the preceding twelve months it had fewer than six clients who are residents of this state other than those clients specified in paragraph 1.

B. If the commission determines that it is not necessary for any investment adviser or class of investment advisers or investment adviser representative or class of investment adviser representatives to be licensed to protect the public interest because of the special characteristics of the securities or transactions in which the investment adviser or investment adviser representative may be involved, the commission may by rule or order provide limited licensure requirements or exempt these persons from licensure under this article.

C. A dealer or salesman that is registered with the commission pursuant to chapter 12, article 9 of this title is not required to be licensed, make a notice filing or comply with reporting requirements under this article.

D. The authorized use of the designation "chartered financial consultant" by an insurance producer licensed by the department of insurance does not in and of itself constitute holding oneself out to the public as an investment adviser or require a license under this article.