Authority: IC 23-19-6-5

Affected: IC 23-19-4-12

Sec. 17. Investment advisers and investment adviser representatives shall not advertise or represent to clients that subscriptions, fees, or other payments will be refunded to clients if they are not satisfied unless the:

1. (1) advertisement or representation to refund is clear and unequivocal and based not on the merit or success of the service, but on the client's satisfaction with the services; and
2. (2) investment adviser's financial capability is adequate to ensure its ability to meet all refund demands.

(Securities Division; 710 IAC 4-9-17; filed Jun 28, 2010, 2:36 p.m.: 20100728-IR-710100044FRA; readopted filed May 12, 2016, 1:47 p.m.: 20160608-IR-710160136RFA; readopted filed Nov 30, 2022, 4:01 p.m.: 20221228-IR- 710220301RFA)