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-.13 - Registration Exemption for Certain Investment Advisers and Federal Covered Investment Adviser

1. By means of publicly distributed written materials or publicly made oral statements;

2. By means of written materials or oral statements that do not purport to meet the objectives or needs of specific individuals or accounts;

3. Through the issuance of statistical information containing no expressions of opinion as to the investment merits of a particular security; or

4. Through any combination of the foregoing services; provided, however, that the materials and oral statements include a statement that, if the purchaser of the advisory communication uses the services of the adviser in connection with a sale or purchase of a security that is a subject of the communication, the adviser may act as principal for its own account or as agent for another person; provided, however, that such disclosure does not relieve the investment adviser of any disclosure obligation that, depending upon the nature of the relationship between the investment adviser and the client, may be imposed by operation of law, the Act or these Rules.

1. A natural person and minor child of the natural person;

2. A natural person and relative, spouse, or relative of the spouse of the natural person who has the same principal residence;

3. All accounts of which the natural person and/or the persons referred to in this subparagraph (b) are the only primary beneficiaries;

4.All trusts of which the natural person and/or any persons referred to in this subparagraph (b) are the only primary beneficiaries;

5. A corporation, general partnership, limited partnership, limited liability company, trust (other than a trust referred to in this subparagraph), or other legal organization (any of which are referred to hereinafter as a "legal organization") that receives investment advice based on its investment objectives rather than the individual investment objectives of its shareholders, partners, limited partners, members, or beneficiaries (any of which are referred to hereinafter as an "owner"); and

6. Any other method, as adopted by order of the Commissioner, for determining who may be a single client for purposes of this Rule.

1. An owner must be counted as a client if the investment adviser provides investment advisory services to the owner separate and apart from the investment advisory services provided to the legal organization; provided, however, that the determination that an owner is a client will not affect the applicability of this Rule to any other owner;

2. An owner need not be counted as a client of an investment adviser solely because the investment adviser, on behalf of the legal organization, offers, promotes, or sells interests in the legal organization to the owner, or reports periodically to the owners as a group solely with respect to the performance of, or plans for, the legal organization's assets or similar matters;

3. A limited partnership is a client of any general partner or other person acting as an investment adviser to the partnership; and

4. Any person for whom an investment adviser provides investment advisory services without compensation need not be counted as a client.