Ill. Admin. Code tit. 14 § 130.838

Current through Register Vol. 48, No. 45, November 8, 2024

Section 130.838 - Procedures for Federal Covered Investment Adviser Notification Filing and Fees Under Section 8.C-5 of the Act

a) Federal covered investment advisers shall file with FINRA, utilizing the IARD, Form ADV. The federal covered investment adviser shall also pay the filing fee specified in Section 130.110.

b) For purposes of annual notification filing, a federal covered investment adviser shall file with FINRA, utilizing the IARD. The federal covered investment adviser shall also pay the filing fee specified in Section 130.110.

c) Amendments to Form ADV shall be filed with FINRA, utilizing the IARD.

d) In the event the federal covered investment adviser changes the form of its organization, it shall pay the fee specified in Section 130.110.

e) A federal covered investment adviser that is no longer eligible for SEC registration shall file an amendment to Form ADV with the SEC and FINRA, utilizing the IARD, indicating it is no longer eligible for SEC registration.

f) In the event the notification or the full amount of fees required by this Section is not filed with or paid to the Secretary of State, the Secretary of State shall notify the federal covered investment adviser of the deficiency in writing, or by facsimile or electronic transmission (provided that the Securities Department can demonstrate in the normal course of its business that the notice was delivered or transmitted to and received by the federal covered investment adviser or its designee). In the event the federal covered investment adviser fails to remedy the deficiency within 10 business days after receiving notice of the deficiency from the Secretary of State, the Secretary of State may deem the failure to remedy as a refusal and require the federal covered investment adviser to register pursuant to Section 8.A and 8.D of the Act.

g) For the limited purpose of this Section and solely for the filings and/or fees submitted to the IARD, the terms "with the Secretary of State" as used in Section 8.C-5, 8.D, 8.D-5 and 8.H of the Act and "with the Securities Department" as used in this Section shall include a filing and/or fee made with FINRA, utilizing the IARD.

h) Annual Notifications

All annual notifications shall expire at the end of the day on December 31 annually.

Ill. Admin. Code tit. 14, § 130.838

Amended at 36 Ill. Reg. 2852, effective February 8, 2012