Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
032 - OFFICE OF SECURITIES
Chapter 516 - DEFINITION OF CLIENT FOR PURPOSES OF INVESTMENT ADVISER LICENSING AND NOTICE FILING BY FEDERAL COVERED INVESTMENT ADVISERS
Section 032-516-2 - Legal Organizations

A. A corporation, general partnership, limited partnership, limited liability company, trust, other than a trust referred to in Subsection 1(4) of this chapter, 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

B. Two or more legal organizations that have identical owners.

A. 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 section with regard to any other owner;

B. 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;

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

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