A solicitor does not need to register as an investment adviser or investment adviser representative if the solicitor:

1. (1) Is in compliance with all requirements of § 404.012 (relating to cash payment for client solicitation).
2. (2) Provides impersonal investment advisory services.
3. (3) Is not subject to any order, judgment or decree described in section 305(a)(ii)—(vi) of the act (70 P.S. § 1-305(a)(ii)—(vi)).

Authority

The provisions of this § 302.071 issued under section 202.C of the Department of Banking and Securities Code (71 P.S. § 733-202.C); section 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S. § 1-609(a)); and section 9(b) of the Takeover Disclosure Law (70 P.S. § 79(b)).

Source

The provisions of this § 302.071 adopted January 12, 2018, effective January 13, 2018, 48 Pa.B. 389.

Cross References

This section cited in 10 Pa. Code § 404.012 (relating to cash payment for client solicitation).