(ii) The Securities Exchange Act of 1934, 15 USC 78a to 78qq
(iii) The Investment Company Act of 1940, 15 USC 80a-1 to 80a-64.
(iv) The Investment Advisers Act of 1940, 15 USC 80b-1 to 80b-21.
(v) Title V of the Gramm-Leach-Bliley Act, 15 USC 6801 to 6809.
(vi) The Sarbanes-Oxley Act of 2002, Pub. L. 107-204.
(vii) Any rules adopted by the SEC under any of the statutes in paragraphs (i) to (vi) of
(viii) The Bank Secrecy Act, 31 USC 5311 to 5314 and 5316 to 5332, as it applies to
funds and investment advisers.
(ix) Any rules adopted under the Bank Secrecy Act, 31 USC 5311 to 5314 and 5316 to
5332, by the SEC or the United States Department of the Treasury.
(e) “Fund” means an investment company registered under the Investment Company
Act of 1940, 15 USC 80a-1 to 80a-64.
(f) “Initial public offering” means an offering of securities registered under the
Securities Act of 1933, 15 USC 77a to 77aa, the issuer of which, immediately before the
registration, was not subject to the reporting requirements of section 13 or 15(d) of the
Securities Exchange Act of 1934, 15 USC 78m or 78o(d).
(g) “Limited offering” means an offering that is exempt from registration under 4(a)(2)
or (5) of the Securities Act of 1933, 15 USC 77d(a)(2) or (5), or 17 CFR 230.504 to
(h) “Reportable security” means a security as defined in section 202(a)(18) of the
Investment Advisers Act of 1940, 15 USC 80b-2(a)(18), except that it does not include
any of the following:
(i) Direct obligations of the United States.
(ii) Bankers' acceptances, bank certificates of deposit, commercial paper, and high-
quality short-term debt instruments, including repurchase agreements.
(iii) Shares issued by money market funds.
(iv) Shares issued by open-end funds other than reportable funds.
(v) Shares issued by unit investment trusts that are invested exclusively in 1 or more
open-end funds, none of which are reportable funds.
(i) ‘‘Supervised person’’ means any of the following:
(i) A partner, officer, director, or other person occupying a similar status or performing
(ii) An employee of an investment adviser, or other person who provides investment
advice on behalf of the investment adviser and is subject to the supervision and control of
the investment adviser. This includes investment adviser representatives, employees,
independent contractors, or other associated persons and supervised personnel, or other
persons acting on the behalf of the investment adviser.
(2) An investment adviser registered or required to be registered under section 403 of
the act, MCL 451.2403, shall not provide investment advice to clients unless the
investment adviser establishes, maintains, and enforces written policies and procedures
tailored to the investment adviser’s business model, accounting for the size of the firm,
the services provided, and the number of locations of the investment adviser. The written
policies and procedures must include both of the following:
(a) Compliance policies and procedures reasonably designed to prevent violations by
the investment adviser of the act and the rules adopted under the act.