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