Series 63 practice questionmediumDefinition of Investment Adviser — Media Exclusion
Which of the following would be excluded from the definition of investment adviser under the USA's publisher exemption?
- AA subscription-based podcast that gives personalized portfolio advice to listeners
- BA magazine that publishes general financial advice on a regular schedule to the general public✓ Correct answer
- CA financial blog that responds to individual reader queries with specific investment recommendations
- DAn online newsletter that tailors buy and sell recommendations to individual subscribers
Explanation
Why B — A magazine that publishes general financial advice on a regular schedule to the general public
The USA excludes bona fide publishers who provide regular, general advice to the public and not tailored to individual circumstances (Section 401(c)). The other options involve personalized advice, which is not excluded.
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