Wyo. Stat. § 17-4-403 (2026)

(a) It is unlawful for a person to transact business in
this state as an investment adviser unless the person is
registered under this act as an investment adviser or is exempt
from registration as an investment adviser under subsection (b)
of this section.

     (b) The following persons are exempt from the registration
requirement of subsection (a) of this section:
          (i) 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 act, or broker-dealers
registered under this act;

              (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 act.

          (ii) A person without a place of business in this
state if the person has had, during the preceding twelve (12)
months, not more than five (5) clients that are resident in this
state in addition to those specified under paragraph (i) of this
subsection; or

          (iii) Any other person exempted by rule adopted or
order issued under this act.

     (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 under this act, 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 secretary of state, 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 act as an investment adviser representative who transacts
business in this state on behalf of the investment adviser
unless the individual is registered under W.S. 17-4-404(a) or is
exempt from registration under W.S. 17-4-404(b).