Series 63 practice questionmediumDefinition of Investment Adviser — Exclusions
Which of the following persons would NOT be considered an investment adviser under the Uniform Securities Act (USA)?
- AA partnership that manages the investments of others and charges a fee
- BA person providing advice on the value of securities for compensation as a regular business
- CA publisher who gives specific buy and sell recommendations in a paid newsletter
- DA bank providing investment advice as part of trust services✓ Correct answer
Explanation
Why D — A bank providing investment advice as part of trust services
Banks are excluded from the Uniform Securities Act definition of investment adviser. A publisher giving specific securities recommendations does not qualify for the exclusion for a bona fide publication of general and regular circulation.
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