14 Ill. Adm. Code 130.855
Use of Senior Certifications and Professional Designations
Section 130.855 Use of Senior Certifications and
Professional Designations
a) It shall
be a fraudulent business practice under Section 8 of the Act for any person to
use, in such a way as to mislead any person, a senior specific certification or
designation that, in a manner prohibited by subsection (b), indicates or
implies that the user has special certification or training in advising or
servicing senior citizens or retirees in connection with the offer, sale or
purchase of securities, or the provision of advice as to the value of or the
advisability of investing in, purchasing or selling securities, directly or
indirectly, through publications or writings, or by issuing or promulgating
analyses or reports relating to securities.
b) The
prohibited use of such certifications or professional designations includes,
but is not limited to, the following:
1) use
of a certification or professional designation by a person who has not actually
earned, or is otherwise ineligible to use, such certification or designation;
2) use
of a nonexistent or self-conferred certification or professional designation;
3) use
of a certification or professional designation that indicates or implies a
level of occupational qualifications obtained through education, training or
experience that the person using the certification or professional designation
does not have; and
4) use
of a certification or professional designation that was obtained from a
designating or certifying organization that:
A) is
primarily engaged in the business of instruction in sales and/or marketing;
B) does
not have reasonable standards or procedures for assuring the competency of its
designees or certificants;
C) does
not have reasonable standards or procedures for monitoring and disciplining its
designees or certificants for improper or unethical conduct; or
D) does
not have reasonable continuing education requirements for its designees or
certificants in order to maintain the designation or certificate.
c) There
is a rebuttable presumption that a designating or certifying organization is
not disqualified solely for purposes of subsection (b)(4) when the organization
has been accredited by:
1) The American National
Standards Institute; or
2) The National Commission
for Certifying Agencies; or
3) An
organization that is on the United States Department of Education's list titled
"Accrediting Agencies Recognized for Title IV Purposes" and the
designation or credential issued by that organization does not primarily apply
to sales and/or marketing.
d) In
determining whether a combination of words, or an acronym standing for a
combination of words, constitutes a certification or professional designation
indicating or implying that a person has special certification or training in
advising or servicing senior citizens or retirees, factors to be considered
shall include:
1) use
of one or more words such as "senior", "retirement", "elder"
or like words, combined with one or more words such as "certified", "registered",
"chartered", "adviser", "specialist", "consultant",
"planner" or like words, in the name of the certification or
professional designation; and
2) the manner in which
those words are combined.
e) For
purposes of this Section, a certification or professional designation does not
include a job title within an organization that is licensed or registered by a
state or federal financial services regulatory agency, when that job title indicates
seniority or standing within the organization, or specifies an individual's
area of specialization within the organization. For purposes of this
subsection (e), the term "financial services regulatory agency"
includes, but is not limited to, an agency that regulates broker-dealers,
investment advisers or investment companies, as defined by the Investment
Company Act of 1940 (15 USC 80a-51 through 80a-58).
f) Nothing
in this Section shall limit the Secretary's authority to enforce existing
provisions of the Act.