Series 63 practice questioneasyDefinition of Investment Adviser — Exclusions
Which of the following is NOT considered an investment adviser under the Uniform Securities Act?
- AA firm that charges for providing security recommendations
- BA person who manages client portfolios for a fee
- CA partnership that offers securities analysis for a fee
- DA person who publishes a bona fide financial newspaper✓ Correct answer
Explanation
Why D — A person who publishes a bona fide financial newspaper
Under USA Section 401(c), bona fide publishers of financial publications do not fall under the definition of investment adviser, provided their advice is not tailored to specific clients.
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