Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 130.839 - Procedures for Registration as an Investment Adviser Representative Under Section 8.D-5 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) Effective
				October 1, 2002, each new applicant filing as an investment adviser or federal
				covered investment adviser shall file with FINRA, utilizing the CRD, a complete
				Form U4 for each investment adviser representative and pay the filing fee
				specified in Section
				130.110.
b) For purposes of the annual re-registration
				of investment adviser representatives, each investment adviser and federal
				covered investment adviser shall file with FINRA, utilizing the CRD, and pay
				the filing fee specified in Section 130.110.
c) For the purposes of this Section, an
				investment adviser representative of a federal covered investment adviser shall
				mean any partner, officer, director (or other person occupying a similar status
				or performing similar functions), or an employee of a federal covered
				investment adviser, or any other person who provides investment advice on
				behalf of the federal covered investment adviser and is subject to the
				supervision and control of the federal covered investment adviser, if more than
				10 percent of the person's clients are natural persons, other than
				sophisticated clients; and the person has a place of business in the State of
				Illinois. As used in this subsection, the term "sophisticated client" shall
				mean a natural person who, immediately after entering into the investment
				advisory contract with the federal covered investment adviser, has at least
				$500,000 under management with the federal covered investment adviser or the
				federal covered investment adviser reasonably believes, immediately prior to
				entering into the advisory contract, the person has a net worth (together with
				assets held jointly with a spouse) at the time the contract is entered into of
				more than $1,000,000.
d) The
				application on file with the Securities Department shall be amended whenever a
				change occurs that renders inaccurate any information contained in the
				application. The amendment shall be filed with FINRA, utilizing the CRD, within
				10 business days after the occurrence of the change.
e) In the event the investment adviser
				representative's activities are terminated, the investment adviser shall file a
				Form U5 with FINRA, utilizing the CRD, within 30 days after the
				termination.
f) In the event the
				investment adviser representative transfers registration from one investment
				adviser or federal covered investment adviser to another investment adviser or
				federal covered investment adviser, the new investment adviser or federal
				covered investment adviser shall file a Form U4 with FINRA, utilizing the CRD,
				and pay the filing fee specified in Section 130.110.
g) For the limited purpose of this Section
				and solely for filings and/or fees submitted to the CRD or IARD, the terms
				"with the Secretary of State", as used in Section 8.C-5, 8.D, 8.D-5 and 8.H of
				the Act and "with the Securities Department", as used in this Section, shall
				include a filing and/or fee made with FINRA, utilizing the CRD or
				IARD.
h) Re-registration
All annual re-registrations of investment adviser
				  representatives shall expire at the end of the day on December 31
				  annually.