Section 203A. (a) Advisers Subject to State Authorities.

(1) In General. No investment adviser that is regulated or required to be regulated as an investment adviser in the state in which it maintains its principal office and place of business shall register under Section 203, unless the investment adviser:

(A) Has assets under management of not less than $25,000,000, or such higher amount as the Commission may, by rule, deem appropriate in accordance with the purposes of this title; or

(B) Is an adviser to an investment company registered under Title I of this Act.

(2) Definition. For purpose of this subsection, the term "assets under management" means the securities portfolios with respect to which an investment adviser provides continuous and regular supervisory or management service.

(b) Advisers Subject to Commission Authority.

(1) In General. No law of any state or political subdivision thereof requiring the registration, licensing, or qualification as an investment adviser or supervised person of an investment adviser shall apply to any person:

(A) That is registered under Section 203 as an investment adviser, or that is a supervised person of such person, except that a state may license, register, or otherwise qualify any investment adviser representative who has a place of business located within that state; or

(B) That is not registered under Section 203 because that person is excepted from the definition of an investment adviser under Section 202(a)(11).

2) Limitation. Nothing in this subsection shall prohibit the securities commission (or any agency or office performing like functions) of any state from investigating and bringing enforcement actions with respect to fraud or deceit against an investment adviser or person associated with an investment adviser.

(c) Exemptions. Notwithstanding subsection (a), the Commission, by rule or regulation upon its own motion, or by order upon application, may permit the registration with the Commission of any person or class of persons to which the application of subsection (a) would be unfair, a burden on interstate commerce, or otherwise inconsistent with the purposes of this section.

(d) Filing Depositories. The Commission may, by rule, require an investment adviser:

(1) To file with the Commission any fee, application, report, or notice required by this title or by the rules issued under this title through any entity designated by the Commission for that purpose; and

(2) To pay reasonable costs associated with such filing.