kaal:claim:2337268-005

Providing investment advice without compensation makes a person less likely to fall within the IAA definition of investment adviser, but the SEC construes compensation for advisory services broadly, which narrows the practical value of that limit.

Source quote, verbatim

While providing investment advice without compensation makes the person less likely to provide investment advice as an investment adviser under the IAA's definition, the SEC is broadly construing the meaning of compensation for advisory services.

From

Wulf A. Kaal, Investment Adviser Regulation (2013), 1. Definitions, p. 6
https://ssrn.com/abstract=2337268 · source PDF

Cite as

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

Holds when

determining whether a person is in the business of rendering advice

Classification

conditionsupport: arguedprivate-fundssecurities-law

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