About the Hedge Fund State Regulation Guide

Regulation of investment companies and hedge funds are not handled by state securities laws, however states may indirectly regulate the funds through regulating the sale of interests in hedge funds.

If a hedge fund chooses not to register with the SEC they may be exempt from state regulatory requirements.

In this guide we hope to outline the hedge fund regulations in each state and provide as much information and as many online resources as possible for each state.

Montana: Hedge Fund State Regulations

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Out Of State Regulations:
Mont. Code Ann. § 30-10-201: (3) It is unlawful for a person to transact business in this state as an investment adviser or as an investment adviser representative unless: c) the person does not have a place of business in this state and during the preceding 12-month period, the person has not had more than five clients who are residents of this state….

In State Regulations:
No exemption, so long as general partner is compensated, according to examiner, based on examiner's comments.

Comments on this regulation:
Exemption based on definition of investment adviser and definition of client, where one fund = one client. See Mont. Code Ann. § 30-10-201(3) for registration requirements and exemptions.

State Regulations Website:
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