# kaal:claim:2337268-035

**Claim.** The passive electronic bulletin board exemption holds only so long as the provider gives no advice on the merits of any particular trade and stays out of securities purchases and sale negotiations.

**Type.** condition  **Support.** asserted

**Holds when.**

- providers of electronic bulletin boards posting securities information

**Source quote.**

> In order to remain exempt from registration as an investment adviser under the IAA, the provider of a "passive" electronic bulletin board cannot give advice regarding the merits of any particular trade and he or she cannot be involved in the purchase of securities or sale negotiations.

**From.** Wulf A. Kaal, *Investment Adviser Regulation* (2013), 8. Internet Related Updates, page 20

**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.** corporate-governance, securities-law

**Keywords.** bulletin-board, internet-advice, registration-exemption, passivity-test

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