The policy of MWM is to comply with any state(s) registration requirements that may apply to the firm and to renew and maintain the registrations and/or notice filings on a current basis with the state(s) as appropriate.

MWM will maintain a list of clients by state of residency and monitor the state residences of clients to ensure compliance with the national de minimis standard and state regulations. State registration of MWM and our investment advisor representatives (“IAR”) may be required, based on the number of clients residing in the state, unless the national de minimis or an applicable exemption exists. In addition, notification of the establishment of a branch or termination of a branch is a requirement in a number of states. Notification is required within specific periods regarding opening or closing branch offices. Certain states require 30 days prior notice, and others require notification after the event.