Series 63 practice questioneasyIA Exemptions and Exclusions — Exclusion for Banks
Under the Uniform Securities Act, which of the following is NOT considered an investment adviser and therefore is excluded from the definition of investment adviser?
- AA partnership that manages investment portfolios for clients
- BA person who gives advice about securities for compensation
- CA financial planner who charges a fee for securities advice
- DA bank or bank holding company✓ Correct answer
Explanation
Why D — A bank or bank holding company
Under the USA, banks and bank holding companies are specifically excluded from the definition of investment adviser (Section 401(c)).
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