HB3232 Summary

• Amends the Illinois Securities Law of 1953 to require investment adviser representatives to file evidence of fidelity insurance and insurance or other equivalent protection for each client's cash or securities held by the representative.

• Requires investment adviser representatives to provide an undertaking to continuously maintain such fidelity insurance and insurance or other protection during the period of registration or re-registration.

• Specifies that the form and amount of fidelity insurance and other protection shall be reasonably prescribed by the Secretary of State by rule or regulation.