This law regulates investment advisers. With certain exceptions, this Act requires that firms or sole practitioners compensated for advising others about securities investments must register with the SEC and conform to regulations designed to protect investors. Since the Act was amended in 1996 and 2010, generally only advisers who have at least

NASAA has a model rule that declares the minimum net capital for an adviser based on certain activities: • Adviser with custody: $35,000 • Adviser with discretion but not custody: $10,000 • Adviser accepting prepayment > $500 six + months in advance: positive net worth