(a) The Securities Commissioner shall require a minimum net capital for registered broker-dealers in such amount as he or she may by rule prescribe and for registered investment advisers in the amount of twelve thousand five hundred dollars ($12,500).
(b) However, subsection (a) of this section shall not apply to any registered investment adviser which maintains its principal place of business in a state other than Arkansas that:
(1) Is registered or licensed as such in the state in which it maintains its principal place of business; and
(2) Is in compliance with the applicable net capital requirements of the state in which it maintains its principal place of business.
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