Exemptions From Registration as an Investment Adviser Under Section 8.A of the Act

Section 130.805  Exemptions From Registration as an Investment Adviser Under Section 8.A of the Act The Secretary pursuant to Section 8.A of the Act hereby exempts from registration as an investment adviser: a)         any investment adviser whose only clients in this State are any one or more of the following, whether acting on their own behalf or in some fiduciary capacity: 1)         investment companies as defined in the Federal 1940 Investment Company Act, as defined in Section 130.200 of this Part; 2)         employee pension or profit-sharing plans or trusts having total assets of not less than $5,000,000; 3)         governments and governmental agencies or instrumentalities, and whether acting for itself or as a trustee with investment control; or 4)         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 b)         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 this State.