Series 63 practice questionmediumPublisher Exclusion Limitations
A publisher distributes a twice-weekly investment newsletter customized for each subscriber. Is the publisher excluded from the IA definition under the USA?
- AYes, as all publishers are excluded
- BNo, because advice is tailored to individuals✓ Correct answer
- CYes, if the newsletter is widely distributed
- DYes, if the publisher does not charge a fee
Explanation
Why B — No, because advice is tailored to individuals
Customized content fails the 'bona fide general and regular circulation' requirement for the publisher exclusion (Section 401(c)).
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