Investment advisors exempt from certain postregistration requirements

Summary

The bill revises the state’s post‑registration requirements, adding new record‑keeping, reporting, audit and custody rules for investment advisers, especially those advising private funds, while keeping similar obligations for broker‑dealers. It aims to align state oversight with federal securities rules and give the regulator flexibility to protect investors. The changes could reduce some reporting burdens for advisers but also impose new inspection and bond/insurance standards.

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