Idaho State Statutes - Idaho Attorney Directory

(a) Registration requirement. It is unlawful for a person to transact business
in this state as an investment adviser unless the person is registered under
this chapter as an investment adviser or is exempt from registration as an
investment adviser under subsection (b) of this section.
(b) Exemptions from registration. The following persons are exempt from
the registration requirement of subsection (a) of this section:
(1) A person without a place of business in this state that is registered
under the securities act of the state in which the person has its
principal place of business if its only clients in this state are:
(A) Federal covered investment advisers, investment advisers
registered under this chapter, or broker-dealers registered under
this chapter;
(B) Institutional investors;
(C) Bona fide preexisting clients whose principal places of
residence are not in this state if the investment adviser is
registered under the securities act of the state in which the clients
maintain principal places of residence; or
(D) Any other client exempted by a rule adopted or an order issued
under this chapter;
(2) A person without a place of business in this state if the person has
had, during the preceding twelve (12) months, not more than five (5)
clients that are resident in this state in addition to those specified
under subsection (b)(1) of this section;
(3) A federal covered investment adviser; or
(4) Any other person exempted by a rule adopted or an order issued under
this chapter.
(c) Limits on employment or association. It is unlawful for an investment
adviser, directly or indirectly, to employ or associate with an individual to
engage in an activity related to investment advice in this state if the
registration of the individual is suspended or revoked or the individual is
barred from employment or association with an investment adviser, federal
covered investment adviser, or broker-dealer by an order under this chapter,
the securities and exchange commission, or a self-regulatory organization,
unless the investment adviser did not know, and in the exercise of reasonable
care could not have known, of the suspension, revocation or bar. Upon request
from the investment adviser and for good cause, the administrator, by order,
may waive, in whole or in part, the application of the prohibitions of this
subsection to the investment adviser.
(d) Investment adviser representative registration required. It is
unlawful for an investment adviser to employ or associate with an individual
required to be registered under this chapter as an investment adviser
representative who transacts business in this state on behalf of the
investment adviser unless the individual is registered under section
30-14-404(a), Idaho Code, or is exempt from registration under section
30-14-404(b), Idaho Code.

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