CT HB06285

Exempts investment advisers excepted from the federal definition of investment adviser (under Section 202(a)(11) of the Investment Advisers Act of 1940) from state registration requirements and notice filing obligations.

Removes the requirement for investment advisers claiming exemption under federal exception provisions to file a notice of exemption with the Connecticut Banking Commissioner.

Eliminates the associated filing fees ($250 initial nonrefundable fee and $150 annual renewal fee) for investment advisers exempt under federal exception provisions.

Maintains registration and fee requirements for investment advisers registered or required to be registered under federal law (Section 203) and those with no state presence but more than five state resident clients.

Takes effect upon passage and amends Connecticut General Statutes Section 36b-6(e) to align state law with federal investment adviser regulations.