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D. MoeMoney will need to apply for and be granted registration as an investment adviser representative in
the state of Colorado.
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Colorado, neither MoeMoney nor its clients need to do anything. The National Securities Markets
Improvement Act of 1996 (NSMIA) established a "de minimis" exemption for investment advisers if they
have no office in a state and do business with "no more than five non-institutional clients" during a
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