Does maintaining a place of business in the state trigger a notice filing (regardless of number of clients)?
815 ILL. COMP. STAT 5/8(9)(c-5)(2017)
What is the maximum number of clients adviser can have in the state without triggering a notice filing?
14 ILL. ADM. CODE §130.805(b) (2017)
What sorts of clients are not counted for purposes of determining whether to notice file?
- investment companies as defined in the Federal 1940 Investment Company Act;
- employee pension or profit-sharing plans or trusts having total assets of not less than $5,000,000;
- governments and governmental agencies or instrumentalities, and whether acting for itself or as a trustee with investment control; or
- banks, savings banks, savings institutions, trust companies, insurance companies, building and loan associations and other financial institutions or institutional investors, and any other persons to whom an offer, sale or issuance of a security would be exempt pursuant to Section 4.C, 4.D or 4.H of the Act, provided that such persons maintain a net worth of not less than $1,000,000; and
- any investment adviser or federal covered investment adviser who during the immediately preceding twelve consecutive months has not had more than five clients in this State in addition to clients of the types specified in subsection (a) of this Section, whether or not such investment adviser or federal covered investment adviser is then present in Illinois.
ILL. ADMIN CODE tit. 14 §130.805(2017)
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