Section 222. (a) Jurisdiction of State Regulators. Nothing in this title shall affect the jurisdiction of the securities commissioner (or any agency or officer performing like functions) of any state over any security or any person insofar as it does not conflict with the provisions of this title or the rules and regulations thereunder.

     (b) Dual Compliance Purposes. No state may enforce any law or regulation that would require an investment adviser to maintain any books or records in addition to those required under the laws of the state in which it maintains its principal place of business, if the investment adviser:

     (1) Is registered or licensed as such in the state in which it maintains its principal place of business; and

     (2) Is in compliance with the applicable books and records requirements of the state in which it maintains its principal place of business.

     (c) Limitation on Capital and Bond Requirements. No state may enforce any law or regulation that would require an investment adviser to maintain a higher minimum net capital or to post any bond in addition to any that is required under the laws of the state in which it maintains its principal place of business, if the investment adviser:

     (1) Is registered or licensed as such in the state in which it maintains its principal place of business; and

     (2) Is in compliance with the applicable net capital or bonding requirements of the state in which it maintains its principal place of business.

     (d) National De Minimis Standard. No law of any state or political subdivision thereof requiring the registration, licensing, or qualification as an investment adviser shall require an investment adviser to register with the securities commissioner of the state (or any agency or officer performing like functions) or to comply with such law (other than any provision thereof prohibiting fraudulent conduct) if the investment adviser:

     (1) Does not have a place of business located within the state; and