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Illinois Compiled Statutes

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Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

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40 ILCS 5/1-101.4

    (40 ILCS 5/1-101.4)
    Sec. 1-101.4. Investment adviser. A person is an "investment adviser", "investment advisor", or "investment manager" with respect to a pension fund or retirement system established under this Code if the person:
        (1) is a fiduciary appointed by the board of trustees
of the pension fund or retirement system in accordance with Section 1-109.1;
        (2) has the power to manage, acquire, or dispose of
any asset of the retirement system or pension fund;
        (3) has acknowledged in writing that he or she is a
fiduciary with respect to the pension fund or retirement system; and
        (4) is at least one of the following: (i) registered
as an investment adviser under the federal Investment Advisers Act of 1940 (15 U.S.C. 80b-1, et seq.); (ii) registered as an investment adviser under the Illinois Securities Law of 1953; (iii) a bank, as defined in the Investment Advisers Act of 1940; or (iv) an insurance company authorized to transact business in this State.
(Source: P.A. 90-507, eff. 8-22-97.)