Maine § 16405. - Federal covered investment adviser notice filing requirement
Full text of Maine Maine Revised Statutes § 16405. — Federal covered investment adviser notice filing requirement, with citation guidance and answers to common questions.
§ 16405.. Federal covered investment adviser notice filing requirement
1. Notice filing requirement. Except with respect to a federal covered investment adviser described in subsection 2, it is unlawful for a federal covered investment adviser to transact business in this State as a federal covered investment adviser unless the federal covered investment adviser complies with subsection 3.
2. Notice filing requirement not required. The following federal covered investment advisers are not required to comply with subsection 3:
A. A federal covered investment adviser without a place of business in this State if its only clients in this State are:
(2) Institutional investors;
(3) Bona fide preexisting clients whose principal places of residence are not in this State; or
(4) Other clients specified by rule adopted or order issued under this chapter; [PL 2005, c. 65, Pt. A, §2 (NEW).]
B. A federal covered investment adviser without a place of business in this State if the person has had, during the preceding 12 months, not more than 5 clients that are resident in this State in addition to those specified under paragraph A; and [PL 2005, c. 65, Pt. A, §2 (NEW).]
C. Any other person excluded by rule adopted or order issued under this chapter. [PL 2005, c. 65, Pt. A, §2 (NEW).]
3. Notice filing procedure. A person acting as a federal covered investment adviser that is not excluded under subsection 2 shall file a notice, a consent to service of process complying with section 16611, and such records as have been filed with the Securities and Exchange Commission under the federal Investment Advisers Act of 1940 and pay the fees specified in section 16410, subsection 1, paragraph E.
4. Effectiveness of filing. The notice under subsection 3 becomes effective upon its filing.
5. Rulemaking. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.
Source: official Maine text · Last verified 2026-08-27
Frequently Asked Questions About Maine § 16405.
What does Maine Revised Statutes § 16405. cover?
Section 16405. ("Federal covered investment adviser notice filing requirement") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 16405.?
A common citation format is "Maine Revised Statutes § 16405." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 16405. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.