Illinois General Assembly - Illinois Compiled Statutes

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815 ILCS 5/2.12b

(815 ILCS 5/2.12b) (from Ch. 121 1/2, par. 137.2-12b)

Sec. 2.12b. Investment adviser representative.

"Investment adviser
representative" means, with respect to an investment adviser who is required
to register under this Act, any partner, officer, director of (or a person
occupying a similar status or performing similar functions), or other
natural person employed by or associated with an investment adviser, except
clerical or ministerial personnel, who in this State:

(1) makes any recommendations or otherwise renders

advice regarding securities or investment products;

(2) manages accounts or portfolios of clients;

(3) determines what recommendation or advice

regarding securities or investments should be given;

(4) supervises any employee who performs any of the

foregoing; or

(5) solicits, refers, offers, or negotiates for the

sale of, or sells, investment advisory services.

With respect to a federal covered investment adviser, "investment adviser
representative" means any person who is an investment adviser representative
with a place of business in this State as such terms are defined by the
Securities and Exchange Commission under Section 203A of the Federal 1940
Investment Advisers Act.

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