|
Yes, if (a) the Federal Covered Investment Adviser is required to "notice file" under MCL 451.2505, and (b) the employee or associated person falls within the definition of an "Investment Adviser Representative" under MCL 451.2102a(f).
No, if the Federal Covered Investment Adviser is exempt from the notice filing requirements of MCL 451.2405(3), because it satisfies the conditions of MCL 451.2405(2). In this case, the employee/associated person will not have to register as an IAR in Michigan because MCL 451.2404(2)(a) exempts the individual from the registration requirements of MUSA.
MCL 451.2102a(f) excludes from the definition of "Investment Adviser Representative" an individual who is employed by or associated with a Federal Covered Investment Adviser unless (a) the individual has a place of business in Michigan and (b) the individual meets the definition of an "Investment Adviser Representative" under 17 C.F.R.§ 275.203A-3 or (b) the individual has a place of business in Michigan and is not a "supervised person" as that term is defined in Section 202(a)(25) of the Investment Advisers Act of 1940.
In summary, if an individual meets the definition of an "Investment Adviser Representative" and is employed by or associated with a Federal Covered Investment Adviser that is excluded from notice filing in Michigan, the individual will not have to register as an IAR in Michigan. However, if the individual meets the definition of an "Investment Adviser Representative", is employed by or associated with a Federal Covered Investment Adviser who is required to notice file in Michigan, and the individual has a place of business in Michigan, the individual will have to register in Michigan as an IAR.
|