# kaal:claim:2337268-004

**Claim.** Investment adviser status under the IAA requires that the advice concern a security; without a security in the dealings between adviser and client the statutory definition does not apply.

**Type.** condition  **Support.** argued

**Holds when.**

- classification of a person as an investment adviser under the IAA

**Source quote.**

> Providing investment advice and being considered an investment adviser under the IAA requires that a person renders advice with regard to a security.

**From.** Wulf A. Kaal, *Investment Adviser Regulation* (2013), 1. Definitions, page 5

**Cite as.** Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

**Verify.** sha256 of source PDF `7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Investment%20Adviser%20Regulation.pdf

**Topics.** private-funds, consensus-and-security, securities-law

**Keywords.** investment-adviser-definition, security-definition, iaa-scope, howey

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