Series 63 practice questioneasyBank Exclusion
A trust department of a national bank provides investment advice about securities to clients for a fee. Under the USA, the bank is:
- AAn investment adviser and must register
- BExcluded from the definition of investment adviser✓ Correct answer
- CConsidered an agent
- DRequired to register as a broker-dealer
Explanation
Why B — Excluded from the definition of investment adviser
Banks are specifically excluded from the definition of investment adviser under USA Section 401(c). They are not agents or broker-dealers in this scenario.
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