100 million or less of investments, with limited exceptions, must be signed up as an investment adviser with the Secretary of State Securities Department. These investment advisers are termed state-registered investment advisers. The U.S. Securities and Exchange Commission (SEC), under procedures of federal rules, also play a key role in the legislation of certain other investment advisers.
The National Securities Markets Improvement Act of 1996 used the standard of “assets under management” to divide the regulatory jurisdiction for investment advisers between the SEC and state securities regulators. 100 million. These investment advisors are termed federal-covered investment advisers. Most filing requirements for investment advisers and investment adviser associates are met by using the Central Registration Depository (CRD) and the Investment Advisor Registration Depository (IARD) electronic processing systems.
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This fee is paid directly to the Illinois Securities Department. All other fees are paid through FINRA, the Financial Regulatory Authority, at the right time of preliminary registration or annual renewal. The Illinois Securities Department, an administrative office within the working office of the Illinois Secretary of State, is authorized under various provisions of the Illinois Securities Law of 1953 (815 ILCS 5/1 et. Illinois. The Department also has used various administrative rules that match its statutory authority.
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