A given state's laws may require a federally registered investment adviser to make notice filings and to pay fees in the state if he or she has clients or a place of business therein. Laws vary significantly from state to state. For example, New York requires that a federally registered investment adviser who has more than five clients residing in the state complete a notice filing by adding New York as a notice filing state on the IARD, and that the investment adviser submit to the Office of the Attorney General a copy of Part 2 and any other part of the Form ADV that is not on the IARD (note, however, that due to the SEC’s new Form ADV Part 2 rules, the submission of Form ADV Part 2 will now typically be met via the filing of Part 2 on the IARD). There may also be certain licensing or qualification requirements for representatives of state-registered investment advisers. Please contact us with any state-specific questions.