Commission Interpretation Regarding the Solely Incidental Prong of the Broker-Dealer Exclusion From the Definition of Investment Adviser
SEC · other · Published 2019-07-12 · Effective 2019-07-12 · 84 FR 33681
Document
Document number
2019-12209
Federal Register citation
84 FR 33681
CFR reference
17 CFR 276
Type
Rule
Action
Interpretation.
Category
other
Agency
US Securities and Exchange Commission
Publication date
2019-07-12
Effective date
2019-07-12
Docket
Release No. IA-5249
Abstract
The Securities and Exchange Commission (the "SEC" or the "Commission") is publishing an interpretation of a section of the Investment Advisers Act of 1940 (the "Advisers Act" or the "Act"), which excludes from the definition of "investment adviser" any broker or dealer that provides advisory services when such services are "solely incidental" to the conduct of the broker or dealer's business and when such incidental advisory services are provided for no special compensation.