"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. (1) makes any recommendations or otherwise renders advice regarding securities or investment products;
2. (2) manages accounts or portfolios of clients;
3. (3) determines what recommendation or advice regarding securities or investments should be given;
4. (4) supervises any employee who performs any of the foregoing; or
5. (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.

(from Ch. 121 1/2, par. 137.2-12b)

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