Exclusions from the Investment Adviser Definition

What this video covers

• The exact distinction between an exclusion (not an investment adviser at all) and an exemption (an investment adviser spared only from registration)
• Why antifraud provisions under §102 still apply to excluded persons who receive consideration for securities advice
• The L.A.T.E. mnemonic: lawyers, accountants, teachers, and engineers excluded when advice is solely incidental to their profession
• Why holding yourself out as an investment adviser destroys the solely incidental test for L.A.T.E. professionals
• The two-hurdle broker-dealer exclusion: solely incidental advice plus no special compensation
• What special compensation means: any fee specifically for investment advice separate from normal trading commissions
• Why impersonal publishers are excluded regardless of subscription price or circulation count, but personalized tailor-made advice destroys the exclusion
• Why banks and trust companies are excluded but bank holding companies are not
• What powers states retain over federal covered advisers: notice filings, antifraud enforcement, IAR state registration, and deceit investigations