Series 63 practice questionmediumCompensation Prong
A person offers free investment seminars but later sells detailed research reports for a fee. Under the USA, this person is:
- AExcluded as a publisher
- BAn investment adviser because compensation is received for advice✓ Correct answer
- CAn agent of a broker-dealer
- DA federal covered adviser
Explanation
Why B — An investment adviser because compensation is received for advice
Receiving compensation for advice about securities meets the third prong—compensation. A is incorrect because the advice is not general publication. C and D do not apply.
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