Illinois Administrative Code
Title 14 - COMMERCE
Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953
Subpart B - DEFINITIONS
Section 130.242 - Definition of the Term "Financial Institution" under Section 4.C of the Act
Universal Citation: 14 IL Admin Code ยง 130.242
Current through Register Vol. 48, No. 12, March 22, 2024
The term "financial institution" shall include, but not be limited to, a manager of investment accounts on behalf of other than natural persons, who, with affiliates, exercises sole investment discretion with respect to such accounts, and provided such accounts exceed 10 in number and have a fair market value of not less than $10,000,000 at the end of the calendar month preceding the month during which the transaction occurred for which the exemption is utilized.
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