This document outlines the definition of an 'investment adviser' under Section 202(a)(11) of the Advisers Act, which includes any person or entity engaged in the business of providing advice or issuing reports on securities for compensation. The SEC and NASAA have provided guidance on this definition, particularly in Investment Advisers Act Release No. 1092, which addresses financial planners. The document also notes that entities primarily established for other purposes can be considered investment advisers under certain circumstances.
documents/EFTA01074164.pdf
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