15 U.S.C. 80b-3: Registration of investment advisers

2019

• Pub. L. 115–417, §2(1)(A), realigned margin and substituted semicolon for period at end. (RBIC Advisers Relief Act of 2018) Law text · (b)
• Pub. L. 115–417, §2(1)(B), (C), added par. (8). (RBIC Advisers Relief Act of 2018) Law text · (b)
• Pub. L. 115–417, §2(2), added par. (3). (RBIC Advisers Relief Act of 2018) Law text · (l)
• Pub. L. 115–417, §2(3), added par. (4). (RBIC Advisers Relief Act of 2018) Law text · (m)

2015

• Pub. L. 114–94, §74001, designated existing provisions as par. (1), inserted heading, and added par. (2). (Fixing America's Surface Transportation Act" or the "FAST Act) Law text · (l)
• Pub. L. 114–94, §74002, added par. (3). (Fixing America's Surface Transportation Act" or the "FAST Act) Law text · (m)

2010

• Pub. L. 111–203, §403(1), inserted ", other than an investment adviser who acts as an investment adviser to any private fund," after "any investment adviser". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §403(2), added par. (3) and struck out former par. (3) which read as follows: "any investment adviser who during the course of the preceding twelve months has had fewer than fifteen clients and who neither holds himself out generally to the public as an investment a… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §403(3), struck out "or" at end. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §403(4), designated existing provisions as subpar. (A), redesignated former subpars. (A) and (B) as cls. (i) and (ii), respectively, and added subpar. (B). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §403(5), added par. (7). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §985(e)(1)(A), substituted "principal office, principal place of business, and" for "principal business office and". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §925(b), substituted "12 months or bar any such person from being associated with an investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization," for "twelve months or bar… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (f)
• Pub. L. 111–203, §929P(a)(4), designated existing provisions as subpar. (A) and inserted heading, inserted "that such penalty is in the public interest and" before "that such person—" in introductory provisions, redesignated former subpars. (A) to (D) as cls. (i) to (iv), respective… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (i)
• Pub. L. 111–203, §985(e)(1)(B), substituted "principal office or place of business" for "principal place of business" in concluding provisions. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (k)
• Pub. L. 111–203, §407, added subsec. (l). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (l)
• Pub. L. 111–203, §408, added subsecs. (m) and (n). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (m), (n)

2006

• Pub. L. 109–291 inserted "credit rating agency," after "transfer agent,". (Credit Rating Agency Reform Act of 2006) Law text · (e), (4)

2002

• Pub. L. 107–204, §604(b)(1), added par. (7) and struck out former par. (7) which read as follows: "is subject to an order of the Commission entered pursuant to subsection (f) of this section barring or suspending the right of such person to be associated with an investment adviser w… (Sarbanes-Oxley Act of 2002) Law text · (e)
• Pub. L. 107–204, §604(b)(2), (3), added par. (9). (Sarbanes-Oxley Act of 2002) Law text · (e)
• Pub. L. 107–204, §604(c)(2), substituted "(8), or (9)" for "or (8)" and inserted "or (3)" after "paragraph (2)". (Sarbanes-Oxley Act of 2002) Law text · (f)

2000

• Pub. L. 106–554 added par. (6). (Consolidated Appropriations Act, 2001) Law text · (b)

1998

• Pub. L. 105–353 inserted "or" after semicolon at end. (Securities Litigation Uniform Standards Act of 1998) Law text · (e)

1996

• Pub. L. 104–290, §303(d), which directed substitution of "subsection (b) and section 80b–3a of this title" for "subsection (b) of this section", was executed by making the substitution for "subsection (b)" to reflect the probable intent of Congress. (National Securities Markets Improvement Act of 1996) Law text · (a)
• Pub. L. 104–290, §508(d), added par. (5). (National Securities Markets Improvement Act of 1996) Law text · (b)
• Pub. L. 104–290, §303(b)(1), inserted "and that the applicant is not prohibited from registering as an investment adviser under section 80b–3a of this title" after "satisfied" in closing provisions. (National Securities Markets Improvement Act of 1996) Law text · (c)
• Pub. L. 104–290, §305(a), added par. (3) and redesignated former pars. (3) and (4) as (4) and (5), respectively. Former par. (5) redesignated (6). (National Securities Markets Improvement Act of 1996) Law text · (e)
• Pub. L. 104–290, §305(b)(1), substituted "this paragraph" for "this paragraph (5)". (National Securities Markets Improvement Act of 1996) Law text · (e)
• Pub. L. 104–290, §305(a)(1), redesignated par. (5) as (6). Former par. (6) redesignated (7). (National Securities Markets Improvement Act of 1996) Law text · (e)
• Pub. L. 104–290, §305(a)(1), redesignated pars. (6) and (7) as (7) and (8), respectively. (National Securities Markets Improvement Act of 1996) Law text · (e), (8)
• Pub. L. 104–290, §305(b)(2), substituted "paragraph (1), (5), (6), or (8) of subsection (e)" for "paragraph (1), (4), (5), or (7) of subsection (e) of this section" and "paragraph (4)" for "paragraph (3)" and substituted "subsection (e)" for "said subsection (e)" in two places. (National Securities Markets Improvement Act of 1996) Law text · (f)
• Pub. L. 104–290, §303(b)(2), substituted "existence," for "existence or" and inserted "or is prohibited from registering as an investment adviser under section 80b–3a of this title," after "investment adviser,". (National Securities Markets Improvement Act of 1996) Law text · (h)
• Pub. L. 104–290, §305(b)(3), substituted "subsection (e)(6)" for "subsection (e)(5)". (National Securities Markets Improvement Act of 1996) Law text · (i)

1995

• Pub. L. 104–62 added par. (4). (Philanthropy Protection Act of 1995) Law text · (b)

1990

• Pub. L. 101–550, §205(b)(1), inserted "or of a substantially equivalent crime by a foreign court of competent jurisdiction" after "misdemeanor". · (e)
• Pub. L. 101–550, §205(b)(2), inserted "any substantially equivalent activity however denominated by the laws of the relevant foreign government," after "burglary,". · (e)
• Pub. L. 101–550, §205(b)(3), inserted "foreign person performing a function substantially equivalent to any of the above," after "transfer agent," and "or any substantially equivalent statute or regulation" after "Commodity Exchange Act". · (e)
• Pub. L. 101–550, §205(b)(4), inserted "or substantially equivalent activity however denominated by the laws of the relevant foreign government" after "securities". · (e)
• Pub. L. 101–550, §205(b)(5), inserted ", or a violation of substantially equivalent foreign statute" after "title 18". · (e)
• Pub. L. 101–550, §205(b)(3), (6), inserted "foreign person performing a function substantially equivalent to any of the above," after "transfer agent,", "or any substantially equivalent statute or regulation" after "Commodity Exchange Act" wherever appearing, ", including any foreig… · (e)
• Pub. L. 101–550, §205(b)(7), inserted "the Commodity Exchange Act" after "this subchapter,". · (e)
• Pub. L. 101–550, §205(b)(8), added par. (7). · (e)
• Pub. L. 101–550, §205(c), substituted "paragraph (1), (4), (5), or (7)" for "paragraph (1), (4), or (5)". · (f)
• Pub. L. 101–429 added subsecs. (i) to (k). · (i), (j), (k)

1987

• Pub. L. 100–181, §702(1), inserted "transfer agent," after "fiduciary,". · (e)
• Pub. L. 100–181, §702(2), inserted "transfer agent," after "government securities dealer,". · (e)
• Pub. L. 100–181, §702(3), inserted ", seeking to become associated, or, at the time of the alleged misconduct, associated" before "or seeking to become associated". · (f)
• Pub. L. 100–181, §702(4), substituted "subsection (c) or subsection (e)" for "subsection (d)". · (g)

1986

• Pub. L. 99–571, §102(m)(1), substituted "government securities broker, government securities dealer, fiduciary, or entity or person required to be registered under the Commodity Exchange Act" for "or fiduciary". · (e)
• Pub. L. 99–571, §102(m)(2), inserted par. (3) and struck out former par. (3) which read as follows: "is permanently or temporarily enjoined by order, judgment, or decree of any court of competent jurisdiction from acting as an investment adviser, underwriter, broker, dealer, or muni… · (e)
• Pub. L. 99–571, §102(m)(3), inserted reference to Commodity Exchange Act. · (e)

1980

• Pub. L. 96–477 required investment advisers to business development companies to register under this section and provided that for purposes of determining the number of clients of an investment adviser under par. (3), no shareholders, partners, or beneficial owners of business devel… · (b)

1975

• Pub. L. 94–29, §29(1), inserted provision authorizing the Commission to require a balance sheet certified by an independent public accountant and other financial statements which, as the Commission specifies, may be certified, and substituted provisions directing the Commission either … · (c)
• Pub. L. 94–29, §29(2), added the placing of limitations on the activities of investment advisers to the enumeration of sanctions available to the Commission as set out in the provisions preceding par. (1), inserted references in par. (2)(A) to the taking of a false oath, the making of … · (e)
• Pub. L. 94–29, §29(3), added the placing of limitations on the activities of persons associated or seeking to become associated with an investment adviser to the enumeration of sanctions available to the Commission. · (f)
• Pub. L. 94–29, §29(4), redesignated subsecs. (h) and (i) as (g) and (h), respectively. Former subsec. (g), covering the postponement of the effective day of registration by the commencement of a proceeding to deny registration, was struck out. · (g), (h)

1970

• Pub. L. 91–547, §24(a), struck out "investment companies and" before "insurance companies" in par. (2) and struck out "does not hold" after "clients and who" and inserted "neither hold" and "nor acts as an investment adviser to any investment company registered under subchapter I of th… · (b)
• Pub. L. 91–547, §24(b), substituted "any person associated with such investment adviser" for "any partner, officer, director thereof, or any person performing similar functions, or any person directly or indirectly controlling or controlled by such investment adviser" and referen… · (c)
• Pub. L. 91–547, §24(c), (d), added subsec. (d), redesignated former subsec. (d) as (e), and in amending its provisions, inserted reference to "censure" in two places and substituted "such investment adviser or any person associated with such investment adviser" for "(1) such inve… · (d), (e)
• Pub. L. 91–547, §24(e), added subsec. (f). Former subsec. (f) redesignated (h). · (f)
• Pub. L. 91–547, §24(c), redesignated former subsec. (e) as (g). Former subsec. (g) redesignated (i). · (g)
• Pub. L. 91–547, §24(e), redesignated former subsecs. (f) and (g) as (h) and (i), respectively. · (h), (i)

1960

• Pub. L. 86–750, §2, substituted "or any person performing similar functions, or any person directly or indirectly controlling or controlled by such investment adviser, is subject to any disqualification which would be a basis for denial, suspension, or revocation of registration … · (c)
• Pub. L. 86–750, §3(a), substituted "a statement as to whether the principal business of such investment adviser consists or is to consist of acting as investment adviser and a statement as to whether a substantial part of the business of such investment adviser consists or is to con… · (c)
• Pub. L. 86–750, §3(b), among other changes, limited the period of suspension to twelve months, included people controlled by the adviser, provided that the ten year period within which convictions are counted be measured from the filing of the application or after specified felonies or… · (d)
• Pub. L. 86–750, §4, substituted provisions postponing the effective date of registration for ninety days at commencement of a proceeding to deny registration, or until final determination whether such registration should be denied, whichever was first, and authorizing the Commission af… · (e)
• Pub. L. 86–750, §5, substituted "existence" for "business". · (g)