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News February 1, 2010 Issue

More on Michigan IAR Registration

Michigan has adopted the Uniform Securities Act, and pursuant to that adoption, certain adviser reps will be obliged to register by July 1. In last week’s issue, our story indicated that adviser reps of SEC-registered advisers that are required to notice file in Michigan, who have a place of business in the state, should prepare to register. Some of those adviser reps, however, may be able to avoid the registration requirement. Michigan has two exemptions that may apply. Such an adviser rep meeting the federal definition of adviser rep in Rule 203A-3 would be exempt from registration. So, too, would an individual meeting Michigan’s adviser rep definition, but who is not a "supervised person" under Section 202(a)(25) of the Advisers Act. All other adviser reps of an SEC-registered firm that notice files in Michigan, however, must register.