Investment adviser representative under Chapter 78C is any partner, officer, director (or a person occupying a similar status or performing similar functions) or other individual employed by or associated with an investment adviser, except clerical or ministerial personnel, who: a) Makes any recommendations or otherwise renders advice regarding securities directly to clients; b) Manages accounts or portfolios of clients; c) Determines which recommendations or advice regarding securities should be given (with exceptions); d) Solicits, offers or negotiates for the sale of or sells investment advisory services (with exceptions); and e) Directly supervises investment adviser representatives.An investment adviser representative as used under Chapter 78C and applied to a person who applied to a person who is employed by, or associated with, an investment adviser covered under federal law only includes an individual who (i) has a place of business in the State, as that term is defined in rules or regulations adopted or promulgated under section 203A of the Investment Advisers Act of 1940 by the United States Securities and Exchange Commission and (ii) either: a. Is an investment adviser representative as that term is defined in rules or regulations adopted or promulgated under section 203A of the Investment Advisers Act of 1940 by the United States Securities and Exchange Commission; or b. Is not a supervised person as that term is defined in rules or regulations adopted or promulgated under the Investment Advisers Act of 1940 by the United States Securities and Exchange Commission and who solicits, offers, or negotiates for the sale of, or who sells, investment advisory services on behalf of an adviser covered under federal law.
