Ill. Admin. Code tit. 14, § 130.805 - Exemptions From Registration as an Investment Adviser Under Section 8.A of the Act
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
b) any investment adviser or
federal covered investment adviser who during the immediately preceding twelve
consecutive months has not had more than five clients in this State in addition
to clients of the types specified in subsection (a) of this Section, whether or
not such investment adviser or federal covered investment adviser is then
present in this State.
Notes
Amended at 26 Ill. Reg. 14843, effective September 30, 2002
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