RELATIONSHIP TO STATE LAW.

SEC. 74003. RELATIONSHIP TO STATE LAW. Section 203A(b)(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3a(b)(1)) is amended—(1) in subparagraph (A), by striking “or” at the end;129 STAT. 1787(2) in subparagraph (B), by striking the period at the end and inserting “; or”; and(3) by adding at the end the following:“(C) that is not registered under section 203 because that person is exempt from registration as provided in subsection (b)(7) of such section, or is a supervised person of such person.”.