Wyo. Stat. § 17-4-405 (2026)

requirement.

     (a) Except with respect to a federal covered investment
adviser described in subsection (b) of this section, it is
unlawful for a federal covered investment adviser to transact
business in this state as a federal covered investment adviser
unless the federal covered investment adviser complies with
subsection (c) of this section.

     (b) The following federal covered investment advisers are
not required to comply with subsection (c) of this section:

          (i) A federal covered investment adviser without a
place of business in this state if its only clients in this
state are:

               (A) Federal covered investment advisers,
investment advisers registered under this act, and
broker-dealers registered under this act;

                 (B)   Institutional investors;

               (C) Bona fide preexisting clients whose
principal places of residence are not in this state; or
               (D) Other clients specified by rule adopted or
order issued under this act.

          (ii) A federal covered investment adviser 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; and

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

     (c) A person acting as a federal covered investment
adviser, not excluded under subsection (b) of this section,
shall file a notice, a consent to service of process complying
with W.S. 17-4-611, and such records as have been filed with the
securities and exchange commission under the Investment Advisers
Act of 1940 required by rule adopted or order issued under this
act and pay the fees specified in W.S. 17-4-410(e).

     (d) The notice under subsection (c) of this section
becomes effective upon its filing.