Illinois Administrative Code
Title 14 - COMMERCE
Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953
Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES
Section 130.855 - Use of Senior Certifications and Professional Designations
Current through Register Vol. 48, No. 12, March 22, 2024
a) It shall be a fraudulent business practice under Section 8 of the Act for any person to use, in such a way as to mislead any person, a senior specific certification or designation that, in a manner prohibited by subsection (b), indicates or implies that the user has special certification or training in advising or servicing senior citizens or retirees in connection with the offer, sale or purchase of securities, or the provision of advice as to the value of or the advisability of investing in, purchasing or selling securities, directly or indirectly, through publications or writings, or by issuing or promulgating analyses or reports relating to securities.
b) The prohibited use of such certifications or professional designations includes, but is not limited to, the following:
c) There is a rebuttable presumption that a designating or certifying organization is not disqualified solely for purposes of subsection (b)(4) when the organization has been accredited by:
d) In determining whether a combination of words, or an acronym standing for a combination of words, constitutes a certification or professional designation indicating or implying that a person has special certification or training in advising or servicing senior citizens or retirees, factors to be considered shall include:
e) For purposes of this Section, a certification or professional designation does not include a job title within an organization that is licensed or registered by a state or federal financial services regulatory agency, when that job title indicates seniority or standing within the organization, or specifies an individual's area of specialization within the organization. For purposes of this subsection (e), the term "financial services regulatory agency" includes, but is not limited to, an agency that regulates broker-dealers, investment advisers or investment companies, as defined by the Investment Company Act of 1940 ( 15 USC 80a-51 through 80a-58 ).
f) Nothing in this Section shall limit the Secretary's authority to enforce existing provisions of the Act.