Laws & Regulations第 104 / 110 题
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
解析
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.
法律依据: Investment Advisers Act of 1940免费刷完整 110 道题库 — 无需注册。
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