AN ACT relating to investment advisers.

Create a new section of KRS Chapter 292 to establish a registration exemption for private fund advisers; establish requirements for the exemption; direct where filings shall be made; require investment advisers to comply with registration requirements within 90 days of becoming ineligible for exemption; permit the commissioner of the Department of Financial Institutions to waive certain provisions; amend KRS 292.330 to conform; make technical amendments.