Minnesota SF5041: Investment advisors exempt from certain postregistration requirements

What the bill says

A bill for an act relating to commerce; exempting investment advisers from certain postregistration requirements; amending Minnesota Statutes 2025 Supplement, section 80A.66.

From the introduced text, April 8, 2026:

A bill for an act relating to commerce; exempting investment advisers from certain postregistration requirements; amending Minnesota Statutes 2025 Supplement, section 80A.66. Section 1. Minnesota Statutes 2025 Supplement, section 80A.66, is amended to POSTREGISTRATION REQUIREMENTS. (a) Financial requirements. Subject to Section 15(h) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78o(h)) or Section 222 of the Investment Advisers Act of 1940 (15 U.S.C. Section 80b-22), a rule adopted or order issued under this chapter may establish minimum financial requirements for broker-dealers registered or required to be registered under this chapter and investment advisers registered or required to be registered under this chapter. (b) Financial reports. Subject to Section 15(h) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78o(h)) or Section 222(b) of the Investment Advisers Act of 1940 (15 U.S.C. Section 80b-22), a broker-dealer registered or required to be registered under this chapter and an investment adviser registered or required to be registered under this chapter shall file such financial reports as are required by a rule adopted or order issued under this chapter. If the information contained in a record filed under this subsection is or becomes inaccurate or incomplete in a material respect, the registrant shall promptly file a correcting amendment. (c) Record keeping. Subject to Section 15(h) of the Securities Exchange Act of …

Read the full official text

Sponsors

• Carla J. Nelson (R, 24) · primary sponsor
• Gary Dahms (R)

Latest actions

1. April 9, 2026: Referred to Commerce and Consumer Protection
2. April 9, 2026: Introduction and first reading

Common questions

What is SF5041?

SF5041 is a bill in the Minnesota Legislature (94th Legislature 2025-2026): Investment advisors exempt from certain postregistration requirements.

What does SF5041 do?

In its own words: A bill for an act relating to commerce; exempting investment advisers from certain postregistration requirements; amending Minnesota Statutes 2025 Supplement, section 80A.66.

What is the status of SF5041?

In committee as of April 9, 2026. Latest action: Referred to Commerce and Consumer Protection (April 9, 2026).

Who sponsored SF5041?

Carla J. Nelson (R, 24), with 1 co-sponsor.

Where is the official record for SF5041?

On the Minnesota Legislature website: https://www.revisor.mn.gov/bills/bill.php?f=SF5041&y=2025&ssn=0&b=senate