Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.280 - Definition of the Term "Branch Office" of a Registered Dealer, as Used in Section 8 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) A "branch
				office" is any location where one or more associated persons of a registered
				dealer regularly conduct the business of effecting any transactions in, or
				inducing or attempting to induce the purchase or sale of, any security, or is
				held out as such, excluding:
1) Any location
				that is established solely for customer service and/or back office type
				functions where no sales activities are conducted and that is not held out to
				the public as a branch office;
2)
				Any location that is the associated person's primary residence; provided that:
A) Only one associated person or multiple
				associated persons who reside at that location and are members of the same
				immediate family, conduct business at the location;
B) The location is not held out to the public
				as an office and the associated person does not meet with customers at the
				location;
C) Neither customer funds
				nor securities are handled at that location;
D) The associated person is assigned to a
				designated branch office, and that designated branch office is reflected on all
				business cards, stationery, advertisements and other communications to the
				public by the associated person;
E)
				The associated person's correspondence and communications with the public are
				subject to the firm's supervision in accordance with FINRA Rule 3010;
F) Electronic communications are made through
				the registered dealer's electronic system;
G) All orders are entered through the
				designated branch office or an electronic system established by the registered
				dealer that is reviewable at the branch office;
H) Written supervisory procedures pertaining
				to supervision of sales activities conducted at the residence are maintained by
				the registered dealer; and
I) A
				list of the residence locations is maintained by the registered
				dealer;
3) Any location,
				other than a primary residence, that is used for securities business for less
				than 30 business days in any one calendar year, provided the registered dealer
				complies with the provisions of subsections (a)(2)(A) through (H);
4) Any office of convenience, where
				associated persons occasionally and exclusively by appointment meet with
				customers, that is not held out to the public as an office. If the office of
				convenience is located on bank premises, signage necessary to comply with
				applicable federal and State laws, rules and regulations and applicable rules
				and regulations of the NYSE, other self-regulatory organizations, and
				securities and banking regulations may be displayed and shall not be deemed
				"holding out" for purposes of this Section;
5) Any location that is used primarily to
				engage in non-securities activities and from which the associated persons
				effects no more than 25 securities transactions in any one calendar year;
				provided that any advertisement or sales literature identifying the location
				also sets forth the address and telephone number of the location from which the
				associated persons conducting business at the non-branch locations are directly
				supervised;
6) The Floor of a
				registered national securities exchange where a registered dealer conducts a
				direct access business with public customers; or
7) A temporary location established in
				response to the implementation of a business continuity plan.