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551.31
(3m) Unless exempt from licensing under this subsection , it is unlawful
7for a person to transact business in this state as an investment adviser
8representative for an investment adviser unless licensed under this chapter as an
9investment adviser representative. All of the following persons are exempt from
10licensing under this subsection:
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(a) A person who is licensed as an agent under this chapter.
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(b) A person whose only clients in this state are persons described under s.
13551.23 (8) (a) to (f).
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1(c) A person who has no place of business in this state and, during the preceding
212-month period, has not had more than 5 clients who are residents of this state,
3exclusive of clients described under s. 551.23 (8) (a) to (f).".