Compilation of Rules and Regulations of the State of Georgia
Department 590 - RULES OF OFFICE OF SECRETARY OF STATE
Chapter 590-4 - COMMISSIONER OF SECURITIES
Subject 590-4-4 - INVESTMENT ADVISERS AND REPRESENTATIVES
Rule 590-4-4-.12 - Exclusions from the Defition of Investment Adviser Representative
Universal Citation: GA Rules and Regs r 590-4-4-.12
Current through Rules and Regulations filed through June 27, 2024
The following persons are excluded from the definition of Investment Adviser Representative:
(1) A person who is employed by or associated with a federal covered investment adviser who either:
(a) Does not have "a place
of business" in this jurisdiction as that term is defined in the rules and
regulations promulgated under Section 203(A) of the Investment Adviser's Act of
1940 by the U.S. Securities and Exchange Commission; or
(b) Is not an "Investment Adviser
Representative" as that term is defined in rules or regulations promulgated
under Section 203(A) of the Investment Adviser's Act of 1940 by the U.S.
Securities and Exchange Commission; and either:
1. Is a "Supervised Person" as that term is
defined in rules or regulations promulgated under the Investment Adviser's Act
of 1940 by the U.S. Securities and Exchange Commission; or
2. Does not solicit, offer, or negotiate for
the sale of or sell investment adviser services on behalf of any federal
covered adviser.
(2) A person who receives compensation to solicit, offer, or negotiate for the sale of or for selling investment advice and who:
(a) Is not subject to the supervision
and control of an investment adviser, does not provide investment advice on
behalf of the investment adviser and is not required to be registered as an
investment adviser representative for reasons other than the solicitation
activities described herein;
(b) Is
not regulated or required to be regulated by the U.S. Securities and Exchange
Commission;
(c) Either:
1. Does not make a determination or
representation as to the suitability or advisability of a prospective client
entering into a relationship with a particular investment adviser or federal
covered investment adviser and merely provides a list of one or more investment
advisers for the prospective client; or
2. Receives compensation for soliciting,
offering or negotiating for the sale of or for selling investment advisory
services with respect to 10 or fewer persons in this State in any calendar year
and is not otherwise engaged in the business of being a solicitor; or
3. Is an attorney or certified public
accountant licensed to practice such profession in the State of Georgia, acts
as a solicitor with respect only to persons with whom he or she has an existing
client relationship in connection with such profession and who does not, by
virtue of acting as a solicitor, violate any rules relating to such
profession;
(d)
Discloses in writing to the potential client his or her relationship or
affiliation with the investment advisers who are the subject of the
solicitation activities and that he or she will be receiving compensation as a
result of the solicitation activities; and
(e) Is not an "investment adviser
representative" by reason of any conduct or activity other than the receipt of
compensation for soliciting, offering or negotiating for the sale of or for
selling investment advisory services.
O.C.G.A. Sec. 10-5-2(19)(D).
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