Oct. 1, 2009 -- The State of Michigan replaced its securities legislation with the new Uniform Securities Act (2002) 2008, PA 551 (the “Act”) on October 1, 2009. Among the provisions of the law is a new registration requirement for investment adviser representatives (“IARs”), unless the IAR is excluded from the definition of IAR or otherwise exempted from the registration requirement.
Basically, Michigan’s new Act is closer to what the majority of states currently require of IARs.
The exclusions include those IARs who are employed by a federal covered advisory firm, unless the IAR has a place of business in Michigan, as well as agents whose performance of investment advice is solely incidental to their work as agents and who do not receive special compensation for their services.
Further exemptions include those IARs who are employed by advisory firms that do not have more than five clients in Michigan.