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 "text": "Exemption from registration under the IAA does not exempt an adviser from the antifraud provision, which reaches both negligent misstatements and misstatements made with intent to defraud.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
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 "citation": "Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268",
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 "abstract": "Investment advisers who are exempt from registration are still subject to the IAA's antifraud provision,6 which applies to negligent misstatements and misstatements made with the intent to defraud.",
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