Series 63 practice questioneasyPublisher Exclusion
According to the USA, which of the following publications would be EXCLUDED from the definition of an investment adviser?
- AA bona fide newspaper column offering impersonal investment advice.✓ Correct answer
- BA blog offering personalized stock advice for a fee.
- CAn online subscription service tailored to individual clients.
- DAn email newsletter offering advice specific to each subscriber.
Explanation
Why A — A bona fide newspaper column offering impersonal investment advice.
Impersonal, bona fide publications such as a general newspaper column are excluded from the investment adviser definition (Section 401(c)). Personalized advice, even if distributed electronically, does not qualify for the exclusion.
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