(a) Except with respect to a federal covered investment adviser described in (b) of this section, a federal covered investment adviser may not transact business in this state as a federal covered investment adviser unless the federal covered investment adviser complies with (c) of this section.
(b) The following federal covered investment advisers are not required to comply with (c) of this section:
(1) a federal covered investment adviser without a place of business in this state if the only clients of the federal covered investment adviser in this state are
(A) federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter;
(B) institutional investors;
(C) bona fide preexisting clients whose principal places of residence are not in this state; or
(D) other clients specified by a regulation adopted or order issued under this chapter;
(2) 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 five clients that are resident in this state in addition to those specified under (1) of this subsection; and
(3) any other person excluded by a regulation adopted or order issued under this chapter.
(c) A person acting as a federal covered investment adviser not excluded under (b) of this section shall file a notice, a consent to service of process complying with AS 45.56.650, and the records that have been filed with the Securities and Exchange Commission under 15 U.S.C. 80b-1 - 80b-21 (Investment Advisers Act of 1940) as required by a regulation adopted or order issued under this chapter and shall pay the fees specified in AS 45.56.410.
(d) The notice under (c) of this section becomes effective upon filing.