Exempts investment advisers from certain postregistration requirements in Minnesota.

The bill amends Minnesota Statutes to exempt investment advisers from specific postregistration requirements. It modifies the financial reporting obligations for investment advisers, allowing them to maintain records in any form of data storage that is readily accessible to the administrator. Additionally, it exempts investment advisers from the requirement to file written supervisory procedures with the administrator. The bill also removes the mandate for investment advisers to obtain insurance or post a bond or other satisfactory form of security for custody of client funds or securities.

Exempts investment advisers from certain postregistration requirements in Minnesota.

The bill amends Minnesota Statutes to exempt investment advisers from specific postregistration requirements. It modifies the financial reporting obligations for investment advisers, allowing them to maintain records in any form of data storage that is readily accessible to the administrator. Additionally, it exempts investment advisers from the requirement to file written supervisory procedures with the administrator. The bill also removes the mandate for investment advisers to obtain insurance or post a bond or other satisfactory form of security for custody of client funds or securities.