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GA HB1672
Bill
Status
Introduced
4/4/2022
Primary Sponsor
Marvin Lim
Click for details
AI Summary
- Eliminates the exemption that allowed out-of-state investment advisors to avoid Georgia registration if they had no more than five Georgia-resident clients in the preceding 12 months (amending Code Section 10-5-32)
- Eliminates the same five-client exemption for federal covered investment advisors without a place of business in Georgia (amending Code Section 10-5-34)
- Adds a new restriction providing that any exemption granted by rule or order under the chapter cannot be based on the number of clients an advisor has in Georgia
- Preserves existing exemptions for out-of-state advisors whose only Georgia clients are other registered advisors, broker-dealers, institutional investors, or bona fide preexisting clients residing outside Georgia
- Sponsored by Representative Lim of the 99th district; amends Article 4 of Chapter 5 of Title 10 of the Official Code of Georgia Annotated
Legislative Description
Commerce and trade; change certain requirements for exemptions from registration for investment advisors
Last Action
House Hopper
4/4/2022
Full Bill Text
No bill text available