kaal:claim:2337268-008

Proof of special compensation is a necessary condition for classifying a broker dealer as an investment adviser, and the burden of proving both special compensation and that the advice exceeded the incidental is on the plaintiff.

Source quote, verbatim

A broker-dealer cannot be classified as an investment adviser without proof of special compensation.

From

Wulf A. Kaal, Investment Adviser Regulation (2013), 1. Definitions, p. 7
https://ssrn.com/abstract=2337268 · source PDF

Cite as

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

Holds when

broker dealers whose advisory services are solely incidental to brokerage

Classification

conditionsupport: arguedinstitutional-design

Verify

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Attestation record: colloquium/attestations/9f8a96a836166937...json
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