Illinois General Assembly - Illinois Compiled Statutes

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815 ILCS 5/2.11

(815 ILCS 5/2.11) (from Ch. 121 1/2, par. 137.2-11)

Sec. 2.11. Investment adviser.

"Investment adviser" means any person
who, for compensation, engages in this State in the business of advising
others, either directly or through publications or writings, as to the
value of securities or as to the advisability of investing in, purchasing,
or selling securities or who, in this State for direct or indirect
compensation and as part of a regular advisory business, issues or
promulgates analyses or reports concerning securities or any financial
planner or other person who, as an integral component of other financially
related services, provides investment advisory services to
others for compensation and as part of a business, or who holds himself or
herself out as providing investment advisory services to
others for compensation; but "investment adviser" does not include:

(1) a bank or trust company, or the regular employees of a bank or trust
company;

(2) any lawyer, accountant, engineer, geologist or teacher (i) whose
performance of such services is solely incidental to the practice of his
or her profession or (ii) who:

(A) does not exercise investment discretion with

respect to the assets of clients or maintain custody of the assets of clients for the purpose of investing those assets, except when the person is acting as a bona fide fiduciary in a capacity such as an executor, trustee, personal representative, estate or trust agent, guardian, conservator, or person serving in a similar fiduciary capacity;

(B) does not accept or receive, directly or

indirectly, any commission, fee, or other remuneration contingent upon the purchase or sale of any specific security by a client of such person; and

(C) does not advise on the purchase or sale of

specific securities, except that this clause (C) shall not apply when the advice about specific securities is based on financial statement analyses or tax considerations that are reasonably related to and in connection with the person's profession;

(3) any registered dealer or partner, officer, director or regular
employee of a registered dealer, or registered salesperson, whose
performance of these services, in each case, is solely incidental to the
conduct of the business of the registered dealer or registered salesperson,
as the case may be, and who receives no special compensation, directly or
indirectly, for such services;

(4) any publisher or regular employee of such publisher of a bona fide
newspaper, news magazine or business or financial publication of regular
and established paid circulation;

(5) any person whose advice, analyses or reports relate only to
securities which are direct obligations of, or obligations guaranteed as to
principal or interest by, the United States, any state
or any political subdivision of any  state, or any public agency or
public instrumentality of any one or more of the foregoing;

(5.5) any person who is a federal covered investment adviser; or

(6) any other persons who are not within the intent of this Section as
the Secretary of State may designate by rules and regulations or order.

(Source: P.A. 101-563, eff. 8-23-19.)