Illinois Administrative Code
Title 14 - COMMERCE
Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953
Subpart O - EVIDENTIARY MATTERS AND NON-BINDING STATEMENTS
Section 130.1520 - Request for Non-Binding Statements
Universal Citation: 14 IL Admin Code ยง 130.1520
Current through Register Vol. 48, No. 38, September 20, 2024
a) Required information and format.
1) All requests for non-binding statements
shall be in writing and be accompanied by the fee set forth in Section
130.110 of this
Part. The request shall be filed with the Securities Department and shall
contain the following:
A) A brief summary of
the Sections of the Act and of the Rules to which the request
pertains;
B) A detailed factual
representation concerning every relevant aspect of the proposed transactions,
such as names of affected parties, type and description of securities, details
regarding the transactions, each claim of exemption, if any, and reasoning in
support of each such claim. Requests should be limited to the particular
situation, and should not attempt to include every possible type of situation
which may arise in the future;
C) A
discussion of current statutes, rules and legal principles relevant to the
facts set forth;
D) A statement
setting forth the person's own opinion in the matter and the basis for such
opinion; and
E) A representation
that the transaction in question has not been commenced and will not commence
for at least 30 days.
2)
The Securities Department will not respond to requests for non-binding
statements involving the anti-fraud provisions of the Act or the Rules
thereunder.
3) The Securities
Department will not respond to requests for non-binding statements with respect
to transactions which have already taken place.
4) The Securities Department will not respond
to requests based upon hypothetical facts or involving unnamed
parties.
b) Review procedure under the Act.
1) The Securities
Department's review of requests for non-binding statements may require an
in-depth examination of the information presented and the applicable law.
Therefore a considerable time period may elapse before the statement is
issued.
2) After a review of the
relevant facts presented, in light of existing judicial, legislative and
administrative history, the Securities Department may issue its finding as to
the applicability of the Act to the situation presented in the form of a
non-binding statement stating that it will recommend that no enforcement action
be initiated against the parties involved if all the facts are true and
complete. Facts or conditions different than those presented may require
different conclusions and persons other than those requesting the statement
should not rely on the statement.
c) Availability of non-binding statements issued by the Department.
1) The Securities
Department will maintain an index by statutory Section(s) involved and
chronologically of all non-binding statements issued.
2) Copies of such statements may be reviewed
in the Securities Department's Springfield office and copies thereof obtained
upon payment of the cost of duplication as set forth in Section
130.110 of this
Part.
Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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