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§ 1-101.4. Investment adviser. A person is an “investment adviser”, “investment advisor”, or “investment manager” with respect to a pension fund or retirement system established under this Code if the person:
(1) is a fiduciary appointed by the board of trustees of the pension fund or retirement system in accordance with Section 1-109.1;
(2) has the power to manage, acquire, or dispose of any asset of the retirement system or pension fund;
(3) has acknowledged in writing that he or she is a fiduciary with respect to the pension fund or retirement system; and
(4) is at least one of the following: (i) registered as an investment adviser under the federal Investment Advisers Act of 1940 (15 U.S.C. 80b-1, et seq.); (ii) registered as an investment adviser under the Illinois Securities Law of 1953; 1 (iii) a bank, as defined in the Investment Advisers Act of 1940; 2 or (iv) an insurance company authorized to transact business in this State.
Cite this article: FindLaw.com - Illinois Statutes Chapter 40. Pensions § 5/1-101.4. Investment adviser - last updated January 01, 2019 | https://codes.findlaw.com/il/chapter-40-pensions/il-st-sect-40-5-1-101-4/
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