April 22, 1991
TO: INVESTMENT ADVISER MEMBERS NO. 15-91
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 16-91
RE: IDAHO LEGISLATURE PASSES INVESTMENT ADVISER REGISTRATION
STATUTE
__________________________________________________________
Attached is a copy of investment advisers legislation
recently adopted by the State of Idaho.
The legislation requires registration of investment adviser
representatives. The law generally follows the NASAA model
investment adviser law, however, an amendment to the original
bill excludes persons whose advisory activities are solely
incidental to the conduct of such person's business as a salesman
for a broker-dealer and who does not share in an advisory fee
paid by the investment adviser client. Another amendment
provides that individuals who are dually registered as broker-
delaer agents and investment adviser representatives of an
affiliated entity are not required to register additionally as
investment adviser representatives of non-affiliated investment
advisers.
Investment adviser representative registration fees would
be $20.00. Examination requirements may be prescribed by
regulation. We understand that the Securities Division is
considering requiring the Series 65 examination and will provide
for liberal waivers for qualified registrants. We understand the
effective date of the new law is July 1, 1991 and regulations
will follow.
We will keep you informed of further developments.
W. Richard Mason
Assistant General Counsel
Attachment