reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart G - INVESTMENT FUND SHARES › Section 130.750 - Additional Fees Under Section 7 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Secretary shall impose an additional
				fee for the failure to file with the Securities Department written notice of
				SEC effectiveness within two (2) business days of the date that the SEC has
				granted effectiveness. The additional fee for the third through tenth day after
				SEC effectiveness shall be as set forth in Section
				130.110 of this
				Part.
b) The additional fee for
				filing written notice of SEC effectiveness after the tenth day after SEC
				effectiveness shall be as set forth in Section
				130.110 of this
				Part.
c) The Secretary shall waive
				the additional fee if:
1) the applicant has
				been granted a waiver of concurrent effectiveness under Section 7(A)(7) of the
				Act; or
2) the additional fee, if
				paid, would render the applicant insolvent as defined in Section
				130.200
				of this Part.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart G - INVESTMENT FUND SHARES › Section 130.771 - Acts Which "Work or Tend to Work a Fraud or Deceit", in Connection with Offers, Sales or Dispositions of Investment Fund Shares

Current through Register Vol. 48, No. 28, July 12, 2024
Each of the following acts shall constitute an act which
				  "works or tends to work a fraud or deceit" when undertaken in connection with
				  the offer, sale or disposition through dealers or salespersons of investment
				  fund shares:
a) the failure to
				disclose any allowance by the principal underwriter of discounts from the
				applicable public offering price which
1) are
				not alike for all dealers, or
2)
				vary with the amount of sales by dealers, unless such volume discount is
				granted in connection with volume purchases by investors;
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 130.805 - Exemptions From Registration as an Investment Adviser Under Section 8.A of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The Secretary pursuant to Section 8.A of the Act hereby
				  exempts from registration as an investment adviser:
a) any investment adviser whose only clients
				in this State are any one or more of the following, whether acting on their own
				behalf or in some fiduciary capacity:
1)
				investment companies as defined in the Federal 1940 Investment Company Act, as
				defined in Section
				130.200
				of this Part;
2) employee pension
				or profit-sharing plans or trusts having total assets of not less than
				$5,000,000;
3) governments and
				governmental agencies or instrumentalities, and whether acting for itself or as
				a trustee with investment control; or
4) banks, savings banks, savings
				institutions, trust companies, insurance companies, building and loan
				associations and other financial institutions or institutional investors, and
				any other persons to whom an offer, sale or issuance of a security would be
				exempt pursuant to Section 4.C, 4.D or 4.H of the Act, provided that such
				persons maintain a net worth of not less than $1,000,000; and
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 130.806 - Acts Not Requiring a Notification Filing of a Federal Covered Investment Adviser or Registration as an Investment Adviser or Investment Adviser Representative Under Section 8 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
Notwithstanding any other provision of the Act or this Part,
				  an investment adviser or a federal covered investment adviser who transmits or
				  distributes information on available products and services via the
				  nonproprietary, public computer network (commonly known as the "Internet")
				  shall not be deemed to be acting as an investment adviser, a federal covered
				  investment adviser or an investment adviser representative in this State for
				  purposes of Section 8 of the Act provided that:
a) The communication contains a legend
				clearly stating that the investment adviser, the federal covered investment
				adviser or investment adviser representative may only transact business in
				those states where he, she or it is registered or otherwise excluded or
				exempted from state registration;
b) The sender of the communication has taken
				reasonable measures to insure that any subsequent interaction between
				prospective customers or clients residing in states where the investment
				adviser, the federal covered investment adviser or investment adviser
				representative is not registered or is not subject to notification filing is
				limited so as to not otherwise require state investment adviser or investment
				adviser representative registration or notification filing;
c) The communication does not involve the
				actual effecting of securities transactions or trades or the rendering of
				investment advice for compensation over the Internet but is limited to the
				dissemination of information on products or services; and
d) In the case of an investment adviser
				representative or a federal covered investment adviser representative, the
				affiliation with an investment adviser or federal covered investment adviser is
				prominently disclosed within the communication; the investment adviser or
				federal covered investment adviser retains the responsibility of reviewing and
				approving the content of the Internet communication; the investment adviser or
				federal covered investment adviser has authorized the distribution or
				dissemination of information on products and services via the Internet
				communication; and the investment adviser representative or federal covered
				investment adviser representative is acting within the scope of his, her or its
				authority in distributing or disseminating the Internet
				communication.
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 130.810 - Procedures for Registration as a Dealer Under Section 8.B of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
No person shall be registered as a dealer unless satisfactory
				  evidence shall have been furnished to the Secretary of the trustworthiness of
				  the applicant and the applicant's officers, directors, partners, principal
				  members or trustees. No person shall be registered as a dealer until that
				  person shall have given evidence of competency to engage in the business of
				  dealing in, buying or selling securities. Every person or officer who sells
				  securities in this State shall be deemed to be a salesperson and must be
				  registered as such in accordance with Section 8.B of the Act.
a) Each applicant for registration as a
				dealer shall deliver to FINRA Form BD as provided in Appendix C or, if already
				on file with FINRA, the requisite amendment that indicates that an application
				is on file in this State and pay to FINRA the registration fee specified in
				Section
				130.110.
b) Each applicant for registration as a
				dealer shall file with the Securities Department a complete and current
				application and pay to the Securities Department the branch office fee, if any,
				specified in Section 130.110. The application shall consist of the following:
1) Schedule E of Form BD listing each branch
				office in this State, if any;
2) An
				unaudited balance sheet for the applicant verified by the chief financial
				officer of the dealer or other person who holds a similar position as of a date
				not more than 60 days prior to the date that the application is deemed to be
				filed with the Securities Department and applicable computations which
				demonstrate compliance with Section
				130.826
				as of the date of the balance sheet;
3) One copy of the Illinois Form designating
				each principal of the dealer;
4)
				One copy of the Illinois Form setting forth the dealer's minimum net capital
				requirement;
5) If the applicant
				will not have its principal office in this State and intends to keep the
				records required under Section
				130.825
				outside of this State, one copy of the Illinois Form requesting a waiver of the
				requirement to maintain its records in this State;
6) Page (2) of Form U4 for each officer and
				director of the dealer, except that for applicants that are members of FINRA,
				page (2) need only be submitted for those officers and directors for whom a
				Form U4 has not been filed with the Securities Department on the behalf of the
				applicant through the CRD; and
7)
				Any other information or document that the Securities Department may require to
				determine the dealer's business repute or to clarify statements made in the
				application for registration.
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 130.811 - Procedures for Perfecting an Investment Adviser Exemption under Section 2.11(6) of the Act (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
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 130.820 - Procedures for Renewal and Withdrawal from Registration as a Dealer

Current through Register Vol. 48, No. 28, July 12, 2024
a) If a registered
				dealer elects to withdraw its registration in this State, it shall file a Form
				BDW with FINRA if the dealer is a member of FINRA, or with the Securities
				Department if the dealer is not a member of FINRA, indicating its
				intent.
b) If a registered dealer
				wishes to renew its registration, it shall file the renewal fee as specified in
				Section
				130.110 with
				FINRA if the dealer is a member of FINRA, or with the Securities Department if
				the dealer is not a member of FINRA. Any amended Form BD shall also be filed
				with FINRA if the dealer is a member of FINRA, or with the Securities
				Department if the dealer is not a member of FINRA, within 30 days if any
				material changes occur in the information that was filed with the Securities
				Department when the dealer applied for registration.
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 130.821 - Reporting of Dealer Branch Office Locations and Required Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each applicant
				for registration as a dealer shall file Form BR on the CRD system setting forth
				the address of each branch office in this State as defined in Section
				130.280.
				The applicant for registration as a dealer shall pay the fee in the amount
				specified in Section
				130.110 for each
				branch office in this State.
b)
				Each registered dealer shall file or have filed Form BR on the CRD system on or
				before December 31 annually setting forth the address of each branch office and
				pay to the Securities Department in Springfield a fee in the form and amount
				specified in Section
				130.110 for each
				branch office in this State.
c) No
				registration of a dealer shall become effective until a separate Form BR of the
				dealer's branch offices in this State, if any, has been filed on the CRD system
				and the fee, if any, has been paid.
d) The registered dealer shall amend its
				application for registration by filing on the CRD system an amended Form BR or
				initial Form BR within 10 business days after:
1) the opening of any branch office in this
				State not previously reported; and
2) the closing of any branch office in this
				State.
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 130.822 - Examinations Deemed Satisfactory for Purposes of Determining Sufficient Knowledge of Each Principal Under Section 8.B(9)(a) of the Act Prior to Registration as a Dealer

Current through Register Vol. 48, No. 28, July 12, 2024
a) Passage of
				the Series 24 (formerly Series 40 or Series 00) (General Securities Principal
				Examination) together with either the Series 63 (Uniform Securities Act Law
				Examination) or Series 66 (Uniform Combined State Law Examination) conducted by
				FINRA shall qualify a principal or principals of legal age in this State on
				behalf of a registered dealer without limitation in this State.
b) Passage of the Series 26, 39 or 53
				Examination together with either the Series 63 Examination (Uniform Securities
				Act Law Examination) or Series 66 (Uniform Combined State Law Examination)
				conducted by FINRA shall qualify by examination a principal or principals of
				legal age in this State on behalf of a registered dealer for registration in a
				limited capacity in this State.
1) The Series
				26 Examination (Investment Company/Variable Contracts Products (ICVC) Principal
				Examination) together with either the Series 63 (Uniform Securities Act Law
				Examination) or Series 66 (Uniform Combined State Law Examination) shall
				qualify the registered dealer to offer or sell variable annuities or securities
				issued by investment companies.
2)
				The Series 39 (Direct Participation Programs Principal (DPP) Examination)
				together with either the Series 63 (Uniform Securities Act Law Examination) or
				Series 66 (Uniform Combined State Law Examination) shall qualify the registered
				dealer to offer or sell direct participation programs in the form of limited
				partnerships or joint venture interests in tax shelter programs.
3) The Series 53 (Municipal Securities
				Principal Examination) together with either the Series 63 (Uniform Securities
				Act Law Examination) or Series 66 (Uniform Combined State Law Examination)
				shall qualify the registered dealer to offer or sell securities of
				municipalities or industrial development revenue obligations.
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 130.823 - Procedure for Requesting Waiver of Dealer, Salesperson, Investment Adviser, Investment Adviser Representative, or Principal Examination Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) If a person
				applying for registration as a dealer, salesperson, investment adviser,
				investment adviser representative, or principal seeks a waiver of the
				examination requirements as provided in Section 8 of the Act, the request for
				the waiver shall be in writing on a form and in the manner prescribed by the
				Secretary.
b) The request for the
				waiver of the examination requirement shall contain the following information:
1) The business name and address of the
				dealer (or investment adviser for investment adviser and investment adviser
				representative applicants or federal covered investment adviser for investment
				adviser representative applicants) with which the applicant is or will be
				associated;
2) The official title
				and connection of the applicant with the dealer (or federal covered investment
				adviser or investment adviser);
3)
				The applicant's legal name;
4) The
				applicant's business address and telephone number;
5) The applicant's residential address and
				telephone number;
6) The
				applicant's date of birth;
7) A
				list of any other names the applicant has used including the dates used, the
				reason for the name change, and the date the applicant's present name was
				adopted;
8) The amount of ownership
				of capital stock or partnership interest of the dealer (or investment adviser)
				with which the applicant is associated;
9) The nature and tenure of each job the
				applicant currently holds or has held for 10 years prior to the date of the
				waiver request. In addition, investment adviser applicants must provide the
				total aggregate dollar value of investment advisory accounts serviced, whether
				the applicant had discretionary authority over the accounts, and the total
				percentage of institutional accounts the applicant serviced of those entities
				enumerated in Section 4.C of the Act;
10) The applicant's educational history
				including degrees received;
11) Any
				professional certifications or designations;
12) Any FINRA or related examinations taken
				by the applicant;
13) The name,
				address and business affiliation of three persons to whom the Secretary may
				address inquiries regarding experience, qualification and standing of the
				applicant; and
14) A list of where
				the applicant has been licensed or registered as a dealer, salesperson or
				investment adviser, including the state or licensing agency, the type of
				license or registration and the period during which the registration was
				effective.
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 130.824 - Financial Statements to be Filed by a Registered Dealer

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each dealer registered by the Secretary
				that is not required to file a financial statement with a registered
				self-regulatory organization shall file a financial statement containing the
				information required by the Secretary as follows:
1) the financial statement shall be prepared
				as of an audit date selected by the dealer within each calendar year;
2) the financial statement shall be filed no
				later than the first day of the fourth month days after the selected audit
				date;
3) the time period covered by
				the statement shall be the twelve month period immediately following the date
				of the most recent audited statement; and
4) should a dealer elect to change its audit
				date, a written request for variance in accordance with Section
				130.190
				of this Part from the filing period covered by the statement shall be filed
				with the Securities Department in Springfield, Illinois. The request shall
				include the reason or reasons for the change and an affirmation that the dealer
				is currently in compliance with the requirements set forth under Section
				130.826
				of this Part. An unaudited statement, which includes a balance sheet and
				computations showing compliance with the requirements set forth under Section
				130.826
				of this Part, shall be filed with the Securities Department and shall be as of
				a current date. The audited statement when filed shall encompass the entire
				period of time which has elapsed since the date of the most current filing of
				an audited statement.
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 130.826 - Registered Dealer Net Capital Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each dealer registered under Section 8 of
				the Act shall at all times have and maintain net capital no less than the
				greater of the higher minimum requirement applicable to its ratio requirement
				under 17 CFR 240.15c3 - 1 (May 31, 2011). No dealer electing to use the
				alternative standard shall permit its net capital to be less than the greater
				of the amount set forth in 17 CFR 240.15c3 - 1 (May 31, 2011) or 2 percent of
				the aggregate debit items computed in accordance with 17 CFR 240.15c3 - 3 (May
				31, 2011).
b) In addition to
				meeting the requirement set forth in subsection (a), a dealer subject to the
				aggregate indebtedness standard of net capital computation shall maintain the
				amount specified in 17 CFR 240.15c3 - 1 (May 31, 2011).
c) Each dealer shall make the applicable
				computations set forth in subsection (a) in accordance with the provisions of
				17 CFR 240.15c3 - 3 (May 31, 2011) and shall preserve the computations as part
				of the records required by Section
				130.825.
d) The Secretary may exempt a dealer from the
				requirements of this Section because of the special nature of business or
				financial position of the dealer and the safeguards that have been established
				for the protection of customers' funds and securities, and it is not necessary
				in the public interest or for the protection of investors for the dealer to be
				subject to the requirements of this Section.
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 130.827 - Confirmations

Current through Register Vol. 48, No. 28, July 12, 2024
Every dealer, at or before the completion of each transaction
				  with the dealer's customer, shall give or send to the customer written
				  confirmation disclosing:
a) whether
				the dealer is acting as agent for the customer, or as a dealer for the dealer's
				own account, or as an agent for some other person;
b) either the name of the person from whom
				the security was purchased or to whom it was sold for the customer, and the
				date and time when the transaction took place or the fact that the information
				will be furnished upon the request of the customer and the source and amount of
				any commission or other remuneration received or to be received by the dealer
				in connection with the transaction; and
c) in the case of transactions effected in
				securities that are non National Market System OTC Securities in reliance upon
				Section 4(N) of the Act, a statement to the effect that the transaction was
				effected pursuant to an unsolicited order or offer to buy by the customer, and
				requesting that the customer return to the dealer a written acknowledgment that
				the order or offer to buy was unsolicited.
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 130.828 - Notice of Materially Adverse Financial Condition Required to Be Filed With the Securities Department By a Registered Dealer

Current through Register Vol. 48, No. 28, July 12, 2024
Each registered dealer which discovers it is no longer in
				  compliance thereof with the requirements under Section
				  130.826
				  of this Part shall file a notice with the Securities Department within 24 hours
				  of the discovery of such non-compliance. Such notification shall be made by
				  telegraphic communication, facsimile transmission or such other means of
				  delivery.
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 130.829 - Investor Protection Requirement of a Dealer Registered Under Section 8 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each dealer
				registered or re-registered with the Secretary under Section 8.B of the Act
				shall be a member in good standing of FINRA, as evidenced by not being under
				suspension or revocation or having failed to pay dues or assessments;
				or
b) Each dealer registered or
				re-registered with the Secretary under Section 8.B of the Act shall be a member
				in good standing of the Securities Investor Protection Corporation as
				established in the Securities Investor Protection Act of 1970 ( 15 USC 78 aaa
				et seq.), as amended, as evidenced by not being under suspension or revocation
				or having failed to pay dues or assessments, or other equivalent
				instrumentality of or corporation chartered by the United States that provides
				investor protection as authorized under federal law, except for the following
				dealers if they do not hold clients' cash or securities:
1) A dealer whose principal business in the
				Securities Investor Protection Corporation's determination is conducted outside
				the United States, its possessions and territories;
2) Any bank (other than a bank organized
				under the banking laws of the State of Illinois or of the United States)
				registered as a municipal securities dealer with the SEC, pursuant to 17 CFR
				240.15Ba2 - 1, (May 31, 2011);
3) A
				government securities dealer registered under 17 CFR 240.15Ca1 - 1, (May 31,
				2011); and
4) A dealer whose
				business consists exclusively of one or more of the following:
A) the distribution of shares of registered
				open end investment companies or unit investment trusts registered under
				Section 8 of the Federal 1940 Investment Company Act, as defined in Section
				130.200
				of this Part, Section 5 of the Federal 1933 Act, as defined in Section
				130.200
				of this Part, and Section 5 or 7 of the Act;
B) the sale of variable annuities;
C) the business of insurance; or
D) the business of rendering investment
				advisory services to one or more investment companies registered under the
				Federal 1940 Investment Company Act, as defined in Section 130.200, or to
				insurance company separate accounts.
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 130.830 - Registration Exemption for Merger and Acquisition Brokers Pursuant to Section 4(I) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) "Control", as
				used in this Section, means the power, directly or indirectly, to direct the
				management or policies of a company, whether through ownership of securities,
				by contract, or otherwise. There is a presumption of control for any person
				who:
1) is a director, general partner,
				member or manager of a limited liability company, or officer exercising
				executive responsibility (or has similar status or functions);
2) has the right to vote 20% or more of a
				class of voting securities or the power to sell or direct the sale of 20% or
				more of a class of voting securities; or
3) in the case of a partnership or limited
				liability company, has the right to receive upon dissolution, or has
				contributed, 20% or more of the capital.
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 130.832 - Examinations Deemed Satisfactory for Purposes of Determining Sufficient Knowledge Under Section 8.C(7) of the Act for Registration as a Salesperson

Current through Register Vol. 48, No. 28, July 12, 2024
a) Passage of the
				Series 63 or Series 66 examination, together with either the Series 1, 2, 7,
				37, 38, 17 or 47 examination conducted by FINRA, shall qualify a natural person
				who is 18 years of age for registration on behalf of a dealer, controlling
				person or issuer as a salesperson without limitation in this State.
b) Passage of the Series 63 or Series 66
				examination, together with either the Series 6, 22, 52, 62 or 79 examination
				conducted by FINRA, shall qualify by examination a natural person who is 18
				years of age for registration as a salesperson in a limited capacity in this
				State, as follows:
1) The Series 6
				(Investment Company/Variable Contract Products (ICVC) Representative
				Examination), together with either the Series 63 or Series 66 examination,
				shall qualify a salesperson to offer or sell securities issued by investment
				companies and variable contracts.
2) The Series 22 examination (Direct
				Participation Program Limited Representative Qualification Examination),
				together with either the Series 63 or Series 66 examination, shall qualify a
				salesperson to offer or sell direct participation programs in the form of
				limited partnerships or joint venture interests in tax shelter
				programs.
3) The Series 52
				examination (Municipal Securities Representative Examination), together with
				either the Series 63 or Series 66 examination, shall qualify a salesperson to
				offer and sell securities of municipalities and industrial development revenue
				obligation.
4) The Series 62
				Examination (Corporate Securities Representative Examination), together with
				either the Series 63 or Series 66 examination, shall qualify a salesperson to
				offer and sell corporate securities and bonds, real estate investment trusts
				and mortgage investment trusts.
5)
				The Series 79 Examination (Investment Banking Representative Examination),
				together with either the Series 63 or Series 66 examination, shall qualify a
				salesperson to deal exclusively in investment banking.
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 130.836 - Hardship Exemption

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Temporary hardship exemption.
1) Investment
				advisers registered or required to be registered under the Act who experience
				unanticipated technical difficulties that prevent submission of an electronic
				filing to IARD may request a temporary hardship exemption from the requirements
				to file electronically.
2) To apply
				for a temporary hardship exemption, the investment adviser shall file a written
				request utilizing Form ADV-H with the securities administrator in the state
				where the investment adviser's principal place of business is located. The
				request shall be submitted in a form approved by the securities administrator,
				and it shall be filed no later than one business day after the due date for the
				filing that is the subject of the request. The investment adviser shall also
				submit the filing that is the subject of the request in electronic format to
				IARD no later than seven business days after the filing was due.
3) If the request is in proper form, the
				temporary hardship exemption shall be deemed effective upon receipt by the
				securities administrator. Multiple temporary hardship exemption requests within
				the same calendar year may be disallowed by the Securities
				Department.
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 130.837 - Transition to Electronic Filing

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				On or before November 1, 2002, each investment adviser who is registered or
				required to be registered shall submit its Form ADV with the NASD, utilizing
				the IARD, unless it has been granted a hardship exemption.
b) On or before November 1, 2002, each
				registered investment adviser or federal covered investment adviser shall file
				with the NASD, utilizing the IARD, a complete Form U-4 for each investment
				adviser representative who is registered or required to be registered, unless
				the investment adviser has been granted a hardship exemption.
c) After November 1, 2002, filing shall be in
				accordance with Sections
				130.838
				and
				130.839
				of this Part.
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 130.838 - Procedures for Federal Covered Investment Adviser Notification Filing and Fees Under Section 8.C-5 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Federal covered investment advisers shall file with FINRA, utilizing the IARD,
				Form ADV. The federal covered investment adviser shall also pay the filing fee
				specified in Section
				130.110.
b) For purposes of annual notification
				filing, a federal covered investment adviser shall file with FINRA, utilizing
				the IARD. The federal covered investment adviser shall also pay the filing fee
				specified in Section 130.110.
c)
				Amendments to Form ADV shall be filed with FINRA, utilizing the IARD.
d) In the event the federal covered
				investment adviser changes the form of its organization, it shall pay the fee
				specified in Section 130.110.
e) A
				federal covered investment adviser that is no longer eligible for SEC
				registration shall file an amendment to Form ADV with the SEC and FINRA,
				utilizing the IARD, indicating it is no longer eligible for SEC
				registration.
f) In the event the
				notification or the full amount of fees required by this Section is not filed
				with or paid to the Secretary of State, the Secretary of State shall notify the
				federal covered investment adviser of the deficiency in writing, or by
				facsimile or electronic transmission (provided that the Securities Department
				can demonstrate in the normal course of its business that the notice was
				delivered or transmitted to and received by the federal covered investment
				adviser or its designee). In the event the federal covered investment adviser
				fails to remedy the deficiency within 10 business days after receiving notice
				of the deficiency from the Secretary of State, the Secretary of State may deem
				the failure to remedy as a refusal and require the federal covered investment
				adviser to register pursuant to Section 8.A and 8.D of the Act.
g) For the limited purpose of this Section
				and solely for the filings and/or fees submitted to the 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 IARD.
h) Annual Notifications
All annual notifications shall expire at the end of the day
				  on December 31 annually.
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 130.840 - Procedures for Registration as an Investment Adviser Under Section 8.D of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) Effective
				October 1, 2002, each new applicant for registration as an investment adviser
				shall file with FINRA, utilizing the IARD, a complete and current application
				and pay the filing fee and branch office fee, if any, specified in Section
				130.110. The
				application shall consist of the following:
1) The Revised Uniform Application for
				Investment Adviser Registration required by
				17
				CFR 279.1 (May 31, 2011) including Schedule
				D, which lists all branch offices in this State, if any;
2) One copy of Form U4 for each investment
				adviser representative on behalf of the applicant and pay the fee specified in
				Section 130.110.
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 130.841 - Reporting of Investment Adviser Branch Office Locations and Required Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each investment
				adviser shall file with the Securities Department with its application for
				registration a schedule setting forth the address of each branch office in this
				State as defined in Section
				130.280.
				A Schedule D of the Revised Uniform Application for Investment Adviser
				Registration required by Section
				130.840(a)(1)
				 disclosing each branch office in this State
				shall be accompanied by the payment of the fee in the form and amount specified
				in Section
				130.110 for each
				branch office in this State.
b)
				Each registered investment adviser shall file or have filed with the Securities
				Department prior to re-registration a schedule setting forth the address of
				each branch office and pay to the Securities Department in Springfield a fee in
				the form and amount specified in Section
				130.110 for each
				branch office in this State.
c) No
				registration or re-registration of an investment advisor shall become effective
				until theschedule of the investment adviser's branch office has been filed with
				the Securities Department and the fee, if any, has been paid.
d) The registered investment adviser shall
				amend its application for registration by filing with the Securities Department
				in Springfield within 10 business days after:
1) the opening of any branch office in this
				State not previously reported, setting forth the address of that branch office;
				and
2) the closing of any branch
				office in this State, setting forth the address of that branch
				office.
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 130.842 - Examinations and Education Programs Deemed Satisfactory for Purposes of Determining Sufficient Knowledge for Each Principal Under Section 8.D.(9) of the Act Prior to Registration as an Investment Adviser

Current through Register Vol. 48, No. 28, July 12, 2024
a) Examination Requirements. Any person
				applying to be registered as an Investment Adviser principal under the Act
				shall provide the Secretary of State with proof of obtaining a passing score on
				one of the following examinations:
1) The
				Uniform Investment Adviser Law Examination (Series 65 examination);
				or
2) The General Securities
				Representative Examination (Series 7 examination) and the Uniform Combined
				State Law Examination (Series 66 examination).
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 130.843 - Examination and Education Program Requirements 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) Examination Requirements. Any person
				applying to be registered as an Investment Adviser Representative under the Act
				shall provide the Secretary of State with proof of obtaining a passing score on
				one of the following examinations:
1) The
				Uniform Investment Adviser Examination (Series 65 examination); or
2) The General Securities Examination (Series
				7 examination) and the Uniform Combined State Law Examination (Series 66
				examination).
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 130.844 - Statement of Financial Condition to Be Filed By a Registered Investment Adviser Which Retains Custody of Client's Cash or Securities or Accepts Pre-Payment of Fees in Excess of $500.00 Per Client and Six (6) or More Months in Advance and Interim Financial Statements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each registered investment adviser which
				retains custody of client's cash or securities or accepts pre-payment of fees
				in excess of $500.00 per client and six (6) or more months in advance shall
				file a statement of financial condition (balance sheet) and interim financial
				statements, in such detail as will disclose the nature and amount of assets and
				liabilities and the net worth of the investment adviser, as follows:
1) the statement shall be filed annually as
				of the date of its fiscal year end or of an audit date selected by and reported
				to the Securities Department;
2)
				the statement shall be filed no later than the first day of the fourth month
				after the date of its fiscal year end or of the selected audit date;
3) the time period covered by the statement
				shall be the twelve month period immediately following the date of the most
				recent audited statement; and
4)
				should an investment adviser elect to change its audit date, a written request
				for variance from the filing period covered by the statement shall be filed in
				accordance with Section
				130.190
				of this Part with the Securities Department in Springfield, Illinois. The
				request shall include each reason for the change. An unaudited statement shall
				be filed with the Securities Department and be as of the date of the investment
				adviser's selected audit date. If the investment adviser is required to file an
				audited statement it shall encompass the entire period of time which has
				elapsed since the most current filing of an audited statement.
5) For purposes of this Section, the term
				"audit date" shall mean the date selected and reported to the Securities
				Department by the investment adviser for fulfilling the filing requirement of
				this Section.
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 130.845 - Records Required of Investment Advisers

Current through Register Vol. 48, No. 28, July 12, 2024
a) Except as provided in subsection (d) of
				this Section, every investment adviser registered by the Secretary of State
				shall keep the books and records set out in this Section unless otherwise
				designated by the Secretary of State:
1)
				ledgers (or other records) reflecting all assets and liabilities, income and
				expense, and capital accounts;
2) a
				record showing all payments received, including date of receipt, purpose and
				from whom received, and all disbursements, including date paid, purpose and to
				whom made;
3) a record showing all
				receivables and payables;
4)
				records showing separately for each client the securities purchased or sold,
				and, to the extent it has been made available to the investment adviser, the
				date and amount of and price at which such purchases or sales were executed. If
				available to the investment adviser, this record should also show the name of
				the security dealer who handled the transaction;
5) records showing separately all securities
				acquired by the clients of the investment adviser and indicating thereon the
				proper identification of this individual account, the date, amount and price at
				which such securities were purchased or sold by or for each client; or, in the
				alternative, a record showing all securities (other than securities enumerated
				in Section 3.A of the Act) bought or sold by or for the accounts of all clients
				of the investment adviser in each month, the total number of shares or
				principal amount of each security bought or sold and the lowest and highest
				price at which purchases or sales were made during the month;
6) copies of dealer's confirmations of all
				transactions placed by the investment adviser for any account, and the other
				dealer's confirmations as may be supplied to the investment adviser by a client
				or dealer;
7) a list showing all
				accounts in which the investment adviser is vested with discretionary power,
				unless the records required by subsections (a)(4) and (5) of this Section are
				maintained in such manner as to disclose which are discretionary accounts,
				provided that the provisions of subsections (a)(4) and (5) of this Section
				shall not apply:
A) to any securities with
				respect to which the investment adviser renders no services of a supervisory or
				other nature; or
B) to any
				securities or transactions which a client declines to disclose to the
				investment adviser;
and provided further that the provisions of subsections
				  (a)(4), (5), (6) and (7) above shall not apply to the accounts of any
				  investment adviser where the services consist solely of the distribution of
				  written or printed publications on a subscription basis.
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 130.846 - Written Disclosure Statements of a Registered Investment Adviser

Current through Register Vol. 48, No. 28, July 12, 2024
a) General
				Requirement
Unless otherwise provided in this Section, an investment
				  adviser, registered or required to be registered pursuant to Section 8.D of the
				  Act, shall, in accordance with the provisions of this Section, furnish each
				  advisory client and prospective advisory client with a written disclosure
				  statement required by
				  17 CFR
				  275.204-3 (May 31, 2011).
b) Delivery
1) An investment adviser, except as provided
				in subsection (b)(2), shall deliver the statement required by this Section to
				an advisory client or prospective advisory client:
A) not less than 48 hours prior to entering
				into any written or oral investment advisory contract with a client or
				prospective client; or
B) at the
				time of entering into a contract, if the advisory client has a right to
				terminate the contract without penalty within five business days after entering
				into the contract.
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 130.847 - Financial and Disciplinary Information That Investment Advisers Must Disclose to Clients

Current through Register Vol. 48, No. 28, July 12, 2024
a) It shall
				constitute a fraudulent, deceptive or manipulative act, practice or course of
				business within the meaning of Section 12(J)(3) of the Act for any investment
				adviser to fail to disclose to any client or prospective client all material
				facts with respect to:
1) A financial
				condition of the investment adviser such as insolvency or embezzlement, that
				impairs the ability of the investment adviser to meet contractual commitments
				to clients, if the investment adviser has discretionary authority (express or
				implied) or custody over such client's funds or securities, or requires
				prepayment of advisory fees of more than $500.00 from such client and six (6)
				months or more in advance; or
2) A
				legal or disciplinary event that is material to an evaluation of the investment
				adviser's integrity or ability to meet contractual commitments to
				clients.