SECTION 1.Section 202(a) of chapter 110A of the General Laws, as appearing in the 2007 Official Edition, is hereby amended by adding the following: Notwithstanding the above, those investment advisers, registered with the Division and with a principal place of business located in Massachusetts, who have custody, as defined in the Form ADV, over their clients’ funds and/or securities, to maintain those funds and/or securities with a qualified custodian as defined in Rule 206(4)-2 under the Investment Advisers Act of 1940. Failure to comply with this requirement shall be grounds to deny or revoke the investment adviser’s registration under section 204 of this chapter.
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