12b. Investment adviser representative. "Investment adviser representative" means, with respect to an investment adviser who is required to register under this Act, any partner, officer, director of (or a person occupying a similar status or performing similar functions), or other natural person employed by or associated with an investment adviser, except clerical or ministerial personnel, who in this State: (1) makes any recommendations or otherwise renders advice regarding securities or investment products; (2) manages accounts or portfolios of clients; (3) determines what recommendation or advice regarding securities or investments should be given; (4) supervises any employee who performs any of the foregoing; or (5) solicits, refers, offers, or negotiates for the sale of, or sells, investment advisory services. With respect to a federal covered investment adviser, "investment adviser representative" means any person who is an investment adviser representative with a place of business in this State as such terms are defined by the Securities and Exchange Commission under Section 203A of the Federal 1940 Investment Advisers Act. advice regarding securities or investment products; regarding securities or investments should be given; foregoing; or sale of, or sells, investment advisory services.
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