TITLE 14: COMMERCE SUBTITLE A: REGULATION OF BUSINESS CHAPTER I: SECRETARY OF STATE PART 130 REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 The General Assembly's Illinois Administrative Code database includes only those rulemakings that have been permanently adopted. This menu will point out the Sections on which an emergency rule (valid for a maximum of 150 days, usually until replaced by a permanent rulemaking) exists. The emergency rulemaking is linked through the notation that follows the Section heading in the menu. View Entire Part SUBPART A: RULES OF GENERAL APPLICATION Section 130.100 Business Hours of the Securities Department Section 130.101 Computation of Time Section 130.110 Payment of Fees Section 130.120 Place of Filing Section 130.130 Date of Filing Section 130.135 Registration of Securities under Section 5 or 7 of the Act Utilizing the SRD Section 130.140 Requirements as to Proper Form Section 130.141 Additional Information Section 130.142 Additional Exhibits (Repealed) Section 130.143 Information Unknown or Not Reasonably Available Section 130.144 Requirements as to Paper, Printing, and Language Section 130.145 Number of Copies – Signatures Section 130.190 Provisions for Granting of Variance from Rules SUBPART B: DEFINITIONS Section 130.200 Definitions of Terms Used in the Act and the Rules Section 130.201 Definition of the Term "Investment Contract", as Used in Section 2.1 of the Act Section 130.202 Definition of the Term "Fractional Undivided Interest", as Used in Section 2.1 of the Act with Reference to Oil and/or Gas Leases, Rights or Royalties Section 130.205 Definition of the Term "Issuer" as Used in Section 2.2 of the Act as Applied to Fractional Interests in Oil, Gas and Other Mineral Leases, Rights or Royalties Section 130.210 Definition of Acts Not Constituting a "Sale" or "Offer" as Used in Section 2.5 or 2.5a of the Act Section 130.211 Definition of Acts Not Constituting an "Offer" of Securities under Section 5, 6, 7 or 8 of the Act Section 130.212 Definition of Acts Not Constituting an "Offer" Under Section 2.5a of the Act (Testing the Waters) Section 130.215 Definition of "Commission From an Underwriter or Dealer Not in Excess of the Usual and Customary Distributors' or Sellers' Commissions", as Used in Section 2.6 of the Act for Certain Transactions Section 130.216 Definition of "Participates" and "Participation", as Used in Section 2.6 of the Act in Relation to Certain Transactions Section 130.220 Definition of "Regularly Engaged in Securities Sales Activities", as Used in Section 2.9 of the Act Section 130.221 Exclusion of Certain Persons from the Definition of Investment Adviser in Section 2.11 of the Act Section 130.225 Definition of "Investment Fund Shares", as Used in Section 2.15 of the Act in Relation to Certain Issuers Section 130.233 Definition of the Phrase "Promissory Note or Draft, Bill of Exchange or Bankers' Acceptance" as Used in Section 3(L) of the Act Section 130.234 Definition, For Certain Purposes, of the Terms "Employee Security-Purchase Plan", "Employee Profit-Sharing Trust or Plan", "Employee Pension Trust or Plan", as Used in Section 3.N and Section 3.O of the Act (Repealed) Section 130.235 Definition, For Certain Purposes, of the Terms "Employee Profit-Sharing Trust or Plan", "Employee Pension Trust or Plan", as Used in Section 3.O of the Act (Repealed) Section 130.241 Definition of the Term "Institutional Investor" under Sections 4C and 4D of the Act Section 130.242 Definition of the Term "Financial Institution" under Section 4.C of the Act Section 130.244 Definition of "Issuer Required to File Reports Pursuant to the Provisions of Section 13 or Section 15(d) of the Federal 1934 Act" with Respect to Certain Foreign Private Issuers and "Reports Required to be Filed at Regular Intervals Pursuant to the Provisions of Section 13 or Section 15(d)", as Used in Section 4(F)(1) of the Act Section 130.245 Definition of the Terms "Balance Sheet" and "Income Statement", as Used in Section 4.F of the Act Section 130.246 Definition of the Terms "Residents of this State", "Aggregate Sales Price" and "Sales Made in Reliance Upon the Exemption" Under Section 4.G of the Act and "General Advertising or General Solicitation" Under Sections 4.G, 4.H, 4.M and 4.R of the Act Section 130.247 Definition of the Term "Public" as Used in Section 4(G)(4) of the Act Section 130.248 Definition of the Terms "Offers for Sale" and "Solicitations of Offers to Buy", as Used in Section 4.L of the Act Section 130.250 Definition, For Certain Purposes, of the Terms "Commissions, Remuneration or Discounts", as Used in Section 4 and Section 5 of the Act Section 130.251 Definition of the Term "Maximum Aggregate Price", as Used in Section 5 of the Act Section 130.270 Definition of Certain Persons Not Considered to Be Dealers Under Section 2.7 of the Act Section 130.280 Definition of the Term "Branch Office" of a Registered Dealer, as Used in Section 8 of the Act Section 130.281 Definition of the Term "Branch Office" of a Registered Investment Adviser, as Used in Section 8 of the Act Section 130.282 Definition, For Certain Purposes, of the Term "Officers", as Used in Section 2.9 and Section 8.B.(6) of the Act Section 130.285 Definition, for Certain Purposes, of the Terms "Inequitable", "Tend to Work a Fraud or Deceit", "Inequitable Practice in the Sale of Securities", and "Fraudulent Business Practices", as Used in Section 8 and Section 11 of the Act Section 130.291 Definition of the Terms "Fraudulent" and "Work or Tend to Work a Fraud or Deceit" as Used in Sections 11.E and 12.F of the Act for purposes of the Payment of Completion Costs in Connection with the Offer or Sale of Securities involving an Oil, Gas or Other Mineral Lease, Right or Royalty SUBPART C: FEDERAL COVERED SECURITIES AND TRANSACTIONS Section 130.293 Issuers of Covered Securities Required to File Notifications and Pay Fees and the Refusal to File Notifications or Pay Fees Section 130.370 Automated Quotation System Deemed to Have Substantially Equivalent Standards for Designation as Required By One or More Exchanges Set Forth in Section 3(G) of the Act (Repealed) SUBPART D: EXEMPT TRANSACTIONS Section 130.420 Uniform Limited Offering Exemption Pursuant to Section 4.D of the Act Section 130.436 Procedures for Applying for Trading Authorization Pursuant to Section 4(F)(2) of the Act Section 130.440 Procedures for Filing Reports of Sale under Section 4.G of the Act Section 130.441 Calculation of Number of Persons Under Section 4.G or 4.M of the Act Section 130.442 Report of Sale of Securities pursuant to Section 4.G of the Act Section 130.490 Procedures for Filing Reports of Sale under Section 4.P of the Act Section 130.491 Report of Sale of Securities Pursuant to Section 4(P) of the Act Section 130.492 Exemption from Registration for Certain Canadian Broker-Dealers and Agents and for Transactions Effected by Certain Canadian Broker-Dealers Section 130.493 Crowdfunding Pursuant to Section 4.T of the Act - Issuers Section 130.494 Crowdfunding Pursuant to Section 4.T of the Act – Internet Portals SUBPART E: REGISTRATION OF SECURITIES Section 130.501 Title of Securities Section 130.502 Financial Statement Requirements Section 130.503 Disclaimer of Control Section 130.505 Formal Requirements as to Consents Section 130.506 Consents Required in Special Cases Section 130.507 Application to Dispense with Consent Section 130.508 Consent to Use of Material Incorporated by Reference Section 130.510 Procedures for Registration of Securities by Coordination under Section 5.A of the Act Section 130.520 Procedures for Registration of Securities by Qualification under Section 5.B of the Act Section 130.525 Procedures for Registration of Securities by Qualification under Section 5.B(7) of the Act, Small Company Offering Registration ("SCOR") on Form U-7 Section 130.530 Renewal of Registration of Securities Under Section 5.E of the Act Section 130.531 Computation of Fees Section 130.532 Registration of Additional Securities Pursuant to Section 5(C) (2) of the Act Section 130.533 Formal Requirements for Amendments Under Section 5 of the Act Section 130.534 Powers to Amend or Withdraw Registration Statement Section 130.535 Signatures of Amendments Section 130.536 Delaying Amendments Section 130.538 Withdrawal of Registration Statement, Amendment or Exhibit Filed Under the Federal 1933 Act Section 130.540 Procedure with Respect to Abandoning Registration Statements, Applications for Trading Authorizations and Post-Effective Amendments Section 130.550 Additional Fees Under Section 5 of the Act Section 130.570 Legibility of Prospectuses Section 130.571 Presentation of Information in Prospectuses Section 130.572 Summaries or Outlines of Documents Section 130.573 Preparation of Application for Registration Section 130.574 Incorporation of Certain Information by Reference Section 130.575 Form of and Limitation Upon Incorporation by Reference Section 130.576 Statement Required in Prospectuses Section 130.577 Prospectuses Supplementing Preliminary Material Supplied Previously Section 130.578 Application of Amendments to this Part Governing Contents of Prospectuses Section 130.581 Statement as to Stabilizing Required in Prospectuses Filed Under Section 5.B of the Act Section 130.582 Contents of Prospectus When Two or More Registrations Are in Effect Under Section 5.B of the Act Section 130.590 Identifying Statements Section 130.591 Requirements as to Appraisals Section 130.592 Omission of Substantially Identical Documents Section 130.593 Incorporation of Exhibits by Reference SUBPART F: FACE AMOUNT CERTIFICATE CONTRACTS Section 130.600 Preamble Section 130.610 Procedures for Registration of Face Amount Certificate Contracts by Coordination under Section 6.A of the Act Section 130.630 Renewal of Registration of Face Amount Certificate Contracts Under Section 6.F of the Act Section 130.650 Additional Fees Under Section 6 of the Act SUBPART G: INVESTMENT FUND SHARES Section 130.700 Preamble Section 130.701 Title of Investment Fund Shares Registered Under Section 5 or 7 of the Act Section 130.710 Procedures for Registration of Investment Fund Shares by Coordination under Section 7.A of the Act Section 130.715 Amendatory Statement for the Registration of Additional Class or Classes or the Reporting of a Change in Organization or Operations Pursuant to Section 7(D) of the Act Section 130.730 Renewal of Registration of Investment Fund Shares Under Section 7(G) of the Act Section 130.750 Additional Fees Under Section 7 of the Act 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 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 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 Section 130.810 Procedures for Registration as a Dealer Under Section 8.B of the Act Section 130.811 Procedures for Perfecting an Investment Adviser Exemption under Section 2.11(6) of the Act (Repealed) Section 130.820 Procedures for Renewal and Withdrawal from Registration as a Dealer Section 130.821 Reporting of Dealer Branch Office Locations and Required Fees 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 Section 130.823 Procedure for Requesting Waiver of Dealer, Salesperson, Investment Adviser, Investment Adviser Representative, or Principal Examination Requirements Section 130.824 Financial Statements to be Filed by a Registered Dealer Section 130.825 Records Required of Dealers and Customer Fees Section 130.826 Registered Dealer Net Capital Requirements Section 130.827 Confirmations Section 130.828 Notice of Materially Adverse Financial Condition Required to Be Filed With the Securities Department By a Registered Dealer Section 130.829 Investor Protection Requirement of a Dealer Registered Under Section 8 of the Act Section 130.830 Registration Exemption for Merger and Acquisition Brokers Pursuant to Section 4(I) of the Act 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 Section 130.836 Hardship Exemption Section 130.837 Transition to Electronic Filing Section 130.838 Procedures for Federal Covered Investment Adviser Notification Filing and Fees Under Section 8.C-5 of the Act Section 130.839 Procedures for Registration as an Investment Adviser Representative Under Section 8.D-5 of the Act Section 130.840 Procedures for Registration as an Investment Adviser Under Section 8.D of the Act Section 130.841 Reporting of Investment Adviser Branch Office Locations and Required Fees 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 Section 130.843 Examination and Education Program Requirements for Registration as an Investment Adviser Representative Under Section 8.D-5 of the Act 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 Section 130.845 Records Required of Investment Advisers Section 130.846 Written Disclosure Statements of a Registered Investment Adviser Section 130.847 Financial and Disciplinary Information That Investment Advisers Must Disclose to Clients Section 130.848 Advertisements by Investment Advisers Section 130.849 Consumer Information Privacy Provisions Section 130.850 Account Transactions Section 130.851 Commission, Profit or Other Compensation Section 130.852 Compensation Section 130.853 Account Transactions Section 130.854 Use of the Term "Investment Counsel" Section 130.855 Use of Senior Certifications and Professional Designations Section 130.860 Additional Fees Under Section 8 of the Act Section 130.872 Procedure with Respect to Abandoned Dealer Applications Section 130.873 Procedure with Respect to Abandoned Investment Adviser Applications Section 130.874 Business Continuity and Succession Planning SUBPART J: SERVICE OF PROCESS Section 130.1001 Service of Process upon the Secretary of State SUBPART K: PROCEDURES FOR ADMINISTRATIVE HEARINGS Section 130.1100 Preamble Section 130.1101 Qualifications and Duties of the Hearing Officer Section 130.1102 Notice of Hearing Section 130.1103 Institution of a Contested Case by the Securities Department Section 130.1104 Requirement to File an Answer Section 130.1105 Amendment or Withdrawal of the Notice of Hearing Section 130.1106 Representation Section 130.1107 Special Appearance (Repealed) Section 130.1108 Substitution of Parties Section 130.1109 Failure to Appear Section 130.1110 Motions Section 130.1111 Requirements Relating to Continuances Section 130.1112 Rules of Evidence Section 130.1113 Form of Papers Section 130.1114 Bill of Particulars (Repealed) Section 130.1115 Discovery Section 130.1116 Examination of Witnesses Section 130.1117 Subpoenas Section 130.1118 Pre-Hearing Conferences Section 130.1119 Record of a Pre-Hearing Conference Section 130.1120 Hearings Section 130.1121 Record of Proceedings Section 130.1122 Record of Hearing Section 130.1123 Orders Section 130.1124 Burden of Proof Section 130.1125 Stipulations Section 130.1126 Open Hearings Section 130.1127 Corrections to the Transcript Section 130.1128 Imposition of Fines Section 130.1129 Application for Hearing to Present Newly Discovered Evidence Section 130.1130 Failure to Comply With Order or Rules Section 130.1131 Application to Vacate an Order Issued Due to Default Section 130.1132 Disqualification of a Hearing Officer SUBPART O: EVIDENTIARY MATTERS AND NON-BINDING STATEMENTS Section 130.1520 Request for Non-Binding Statements SUBPART P: SAVINGS PROVISIONS Section 130.1661 Investors Syndicate of America, Inc. Section 130.1662 State Bond and Mortgage Company SUBPART Q: PUBLIC INFORMATION Section 130.1701 Inspection of Applications Section 130.1702 Inspection of Dealer, Salesperson and Investment Adviser Records Section 130.1703 Non-Public Distribution of Information Section 130.APPENDIX A Uniform Consent to Service of Process Section 130.APPENDIX B Uniform Application to Register Securities Section 130.APPENDIX C Uniform Application for Broker-Dealer Registration Section 130.APPENDIX D Subordinated Loan Agreement for Equity Capital

AUTHORITY: Implementing and authorized by the Illinois Securities Law of 1953 [815 ILCS 5].

SOURCE: Filed February 23, 1977, effective March 5, 1977; amended at 5 Ill. Reg. 9139, effective August 27, 1981; amended at 6 Ill. Reg. 6455, effective May 19, 1982; codified at 6 Ill. Reg. 12674; emergency amendment at 7 Ill. Reg. 17427, effective December 31, 1983, for a maximum of 150 days; emergency expired May 31, 1984; emergency amendment at 8 Ill. Reg. 1476, effective January 18, 1984, for a maximum of 150 days; emergency expired June 17, 1984; emergency repealer at 8 Ill. Reg. 3803, effective March 14, 1984, for a maximum of 150 days; amended at 8 Ill. Reg. 13419, effective July 12, 1984; amended at 8 Ill. Reg. 13840, effective July 19, 1984; emergency amendment at 8 Ill. Reg. 13889, effective July 20, 1984, for a maximum of 150 days; emergency expired December 17, 1984; amended at 9 Ill. Reg. 208, effective December 20, 1984; emergency amendment at 10 Ill. Reg. 393, effective January 1, 1986, for a maximum of 150 days; emergency expired May 30, 1986; amended at 10 Ill. Reg. 10753, effective June 3, 1986; recodified at 10 Ill. Reg. 19554; emergency amendment at 13 Ill. Reg. 11017, effective July 1, 1989, for a maximum of 150 days; emergency expired November 28, 1989; amended at 14 Ill. Reg. 884, effective December 30, 1989; amended at 14 Ill. Reg. 5188, effective March 26, 1990; emergency amendment at 15 Ill. Reg. 14303, effective November 1, 1991, for a maximum of 150 days; amended at 16 Ill. Reg. 6000, effective March 27, 1992; amended at 20 Ill. Reg. 14185, effective October 21, 1996; amended at 21 Ill. Reg. 7523, effective May 23, 1997; amended at 21 Ill. Reg. 7770, effective May 23, 1997; amended at 21 Ill. Reg. 8415, effective June 20, 1997; emergency amendment at 21 Ill. Reg. 9828, effective July 8, 1997, for a maximum of 150 days; amended at 21 Ill. Reg. 15892, effective December 1, 1997; amended at 22 Ill. Reg. 1933, effective January 1, 1998; emergency amendment at 24 Ill. Reg. 341, effective December 31, 1999, for a maximum of 150 days; amended at 24 Ill. Reg. 7401, effective May 1, 2000; emergency amendment at 25 Ill. Reg. 973, effective January 1, 2001, for a maximum of 150 days; emergency expired May 30, 2001; amended at 25 Ill. Reg. 8817, effective July 6, 2001; amended at 26 Ill. Reg. 14843, effective September 30, 2002; amended at 27 Ill. Reg. 9490, effective June 9, 2003; emergency amendment at 29 Ill. Reg. 15087, effective September 23, 2005, for a maximum of 150 days; emergency expired February 19, 2006; emergency amendment at 30 Ill. Reg. 13009, effective July 11, 2006, for a maximum of 150 days; amended at 30 Ill. Reg. 18211, effective October 31, 2006; amended at 33 Ill. Reg. 12817, effective September 8, 2009; amended at 34 Ill. Reg. 17783, effective November 3, 2010; emergency amendment at 35 Ill. Reg. 4781, effective March 10, 2011, for a maximum of 150 days; amended at 35 Ill. Reg. 12810, effective July 14, 2011; amended at 36 Ill. Reg. 2852, effective February 8, 2012; amended at 40 Ill. Reg. 391, effective December 22, 2015; amended at 40 Ill. Reg. 13248, effective September 1, 2016; amended at 41 Ill. Reg. 451, effective December 28, 2016.