O.C.G.A.
O.C.G.A.

O.C.G.A. § 10-5-32 (2019)

Registration requirements for investment advisors; exemptions

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) It is unlawful for a person to transact business in this state as an investment adviser unless the person is registered under this chapter as an investment adviser or is exempt from registration as an investment adviser under subsection (b) of this Code section. (b) The following persons are exempt from the registration requirement of subsection (a) of this Code section: (1) A person without a place of business in this state that is registered under the securities act of the state in which the person has its principal place of business if its only clients in this state are: (A) Federal covered investment advisers, investment advisers

registered under this chapter, or broker-dealers registered under this chapter; (B) Institutional investors; (C) Bona fide preexisting clients whose principal places of residence are not in this state if the investment adviser is registered under the securities act of the state in which the clients maintain principal places of residence; or (D) Any other client exempted by rule adopted or order issued under this chapter; (2) A person 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 paragraph (1) of this subsection; or (3) Any other person exempted by rule adopted or order issued under this chapter. (c) It is unlawful for an investment adviser, directly or indirectly, to employ or associate with an individual to engage in an activity related to investment advice in this state if the registration of the individual is suspended or revoked or the individual is barred from employment or association with an investment adviser, federal covered investment adviser, or broker-dealer by an order issued under this chapter, the Securities and Exchange Commission, or a self-regulatory organization unless the investment adviser did not know, and in the exercise of reasonable care could not have known, of the suspension, revocation, or bar. Upon request from the investment adviser and for good cause, the Commissioner, by order, may waive, in whole or in part, the application of the prohibitions of this subsection to the investment adviser. (d) It is unlawful for an investment adviser to employ or associate with an individual required to be registered under this chapter as an investment adviser representative who transacts business in this state on behalf of the investment adviser unless the individual is registered under subsection (a) of Code Section 10-5-33 or is exempt from registration under subsection (b) of Code Section 10-5-33.

History

Code 1981, § 10-5-32, enacted by Ga. L. 2008, p. 381, § 1/SB 358.

Notes of Decisions
Cited in 3 cases (3 in the last 5 years), 2022–2026 · leading case: Tenor Capital Partners, LLC v. GunBroker.com, LLC (N.D. Ga. 2022).
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Tenor Capital Partners, LLC v. GunBroker.com, LLC (N.D. Ga. 2022). · cites it 5× “Accordingly, Tenor was not required to register as an “investment adviser” with the state under O.C.G.A. § 10-5-32(a), and GunBroker had no cause of action for restitution and litigation expenses under 2 O.”
Commodity Futures Trading Comm'n v. TMTE Inc (N.D. Tex. 2025). “Code § 25230 ; Ga. Code § 10-5-32; Ky. Rev. Stat. § 292.”
Tenor Capital Partners, LLC v. GunBroker.com, LLC (11th Cir. 2026). “An investment adviser is exempt from the registration requirement, for example, if “during the course of the preceding [twelve] months,” he “had fewer than six clients in” Georgia.”
— 10-5-32(a) — 1 case
Tenor Capital Partners, LLC v. GunBroker.com, LLC (N.D. Ga. 2022). “Accordingly, Tenor was not required to register as an “investment adviser” with the state under O.C.G.A. § 10-5-32(a), and GunBroker had no cause of action for restitution and litigation expenses under 2 O.”
— 10-5-32(b)(3) — 1 case
Tenor Capital Partners, LLC v. GunBroker.com, LLC (11th Cir. 2026). “An investment adviser is exempt from the registration requirement, for example, if “during the course of the preceding [twelve] months,” he “had fewer than six clients in” Georgia.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.