Pub. L. 115-417, sec. 3 (as amended)
RELATIONSHIP TO STATE LAW.
SEC. 3. 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 (C), by striking the period at the end and inserting “; or”; and
(2) by adding at the end the following:
“(D) that is not registered under section 203 because that person is exempt from registration as provided in subsection (b)(8) of such section, or is a supervised person of such person.”
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