Laws & RegulationsCâu 104 / 110
Which professional is most likely excluded from the definition of investment adviser when advice about securities is incidental to their practice and no special compensation is received?
a.A lawyer or accountant whose securities advice is solely incidental to their profession
b.A person holding themselves out as a financial planner
c.A firm charging a separate fee for portfolio management
d.An individual publishing paid stock recommendations
Giải thích
Lawyers, accountants, teachers, and engineers (the 'LATE' exclusions) are generally excluded from the investment adviser definition when their securities advice is solely incidental to their profession and they receive no special compensation for it. Charging a separate fee for advice or holding oneself out as a financial planner removes the exclusion. The exclusion recognizes advice that is truly ancillary.
Trích dẫn luật: Investment Advisers Act of 1940Luyện miễn phí toàn bộ 110 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- If an adviser delivers its brochure at the same time the advisory contract is signed rather than at least 48 hours before, the client generally must be given:
- When an adviser pays a cash fee to a third-party solicitor for referring clients, the arrangement generally requires:
- Which use of a professional designation or registration status by an adviser would be considered misleading?
- An adviser's obligation to protect clients' nonpublic personal information and provide a privacy notice arises principally from which requirement?
- Under the Uniform Securities Act, a willful violation of the act by an adviser or agent can result in which of the following?
- Under the Uniform Securities Act, an individual who represents a broker-dealer in effecting securities transactions is defined as which of the following, and must generally register?
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