Rule 590-4-4-.12 - Exclusions from the Defition of Investment Adviser RepresentativeThe following persons are excluded from the definition of Investment Adviser Representative:
(1) A person who is employed by or associated with a federal covered investment adviser who either:(a) Does not have "a place of business" in this jurisdiction as that term is defined in the rules and regulations promulgated under Section 203(A) of the Investment Adviser's Act of 1940 by the U.S. Securities and Exchange Commission; or(b) Is not an "Investment Adviser Representative" as that term is defined in rules or regulations promulgated under Section 203(A) of the Investment Adviser's Act of 1940 by the U.S. Securities and Exchange Commission; and either: 1. Is a "Supervised Person" as that term is defined in rules or regulations promulgated under the Investment Adviser's Act of 1940 by the U.S. Securities and Exchange Commission; or2. Does not solicit, offer, or negotiate for the sale of or sell investment adviser services on behalf of any federal covered adviser.(2) A person who receives compensation to solicit, offer, or negotiate for the sale of or for selling investment advice and who:(a) Is not subject to the supervision and control of an investment adviser, does not provide investment advice on behalf of the investment adviser and is not required to be registered as an investment adviser representative for reasons other than the solicitation activities described herein;(b) Is not regulated or required to be regulated by the U.S. Securities and Exchange Commission;(c) Either: 1. Does not make a determination or representation as to the suitability or advisability of a prospective client entering into a relationship with a particular investment adviser or federal covered investment adviser and merely provides a list of one or more investment advisers for the prospective client; or2. Receives compensation for soliciting, offering or negotiating for the sale of or for selling investment advisory services with respect to 10 or fewer persons in this State in any calendar year and is not otherwise engaged in the business of being a solicitor; or3. Is an attorney or certified public accountant licensed to practice such profession in the State of Georgia, acts as a solicitor with respect only to persons with whom he or she has an existing client relationship in connection with such profession and who does not, by virtue of acting as a solicitor, violate any rules relating to such profession;(d) Discloses in writing to the potential client his or her relationship or affiliation with the investment advisers who are the subject of the solicitation activities and that he or she will be receiving compensation as a result of the solicitation activities; and(e) Is not an "investment adviser representative" by reason of any conduct or activity other than the receipt of compensation for soliciting, offering or negotiating for the sale of or for selling investment advisory services.Ga. Comp. R. & Regs. R. 590-4-4-.12
O.C.G.A. Sec. 10-5-2(19)(D).
Original Rule entitled "Exclusions form the Definition of Investment Adviser Representative" adopted. F. Nov. 18, 2011; eff. Dec. 8, 2011.