Illinois Administrative Code
Title 14 - COMMERCE
Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953
Subpart D - EXEMPT TRANSACTIONS
Section 130.492 - Exemption from Registration for Certain Canadian Broker-Dealers and Agents and for Transactions Effected by Certain Canadian Broker-Dealers
Universal Citation: 14 IL Admin Code ยง 130.492
Current through Register Vol. 48, No. 12, March 22, 2024
a) A broker-dealer who is a resident of Canada and who has no office or other physical presence in this State is exempted from the broker-dealer registration requirements in Section 8 of the Act, provided the broker-dealer:
1) is registered with or is a member of a
self-regulatory organization in Canada, stock exchange in Canada or the Bureau
des Services Financiers;
2)
maintains in good standing its provincial or territorial registration and its
registration with or membership in a self-regulatory organization in Canada,
stock exchange in Canada or the Bureau des Services Financiers; and
3) effects or attempts to effect transactions
in securities only:
A) with or for a person
from Canada who is temporarily present in this State with whom the Canadian
person had a bona fide business-client relationship before the person entered
this State;
B) with or for a person
present in this State whose transactions are in a Canadian self-directed tax
advantaged retirement account of which the person is the holder or
contributor.
b) Salesperson registration under Section 8 of the Act is not required if the salesperson:
1) represents a Canadian broker-dealer acting
in accordance with the provisions of subsection (a) of this Section;
and
2) is registered and maintains
in good standing the agent's provincial or territorial registration.
c) An offer or sale of a security is exempt from the securities registration requirements of Sections 5, 6, and 7 of the Act if the offer or sale is effected by a Canadian broker-dealer acting in accordance with the provisions of subsection (a) of this Section.
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