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Recycles dryer sheets
- Joined
- Feb 18, 2008
- Messages
- 147
Can anybody here help me answer these questions about how the Investment Advisers Act is actually applied?
I realize that anybody who is compensated for advising others about investing generally needs to be registered with the state or SEC. But I have two questions:
(1) Apparently this requirement includes "...through publications or writings..." Yet I have the sense that quite a bit is written about investing, for pay, and not always by individuals who are registered. Surely not everybody is registered who writes for the thousands of financial sites on the web that generate income? So where is the line? Is this only really enforced if you are selling securities?
(2) Apparently also there is an exemption for the role of "private investment adviser" -- somebody who does not advertise and has fewer than 15 clients. Now I've had some family and friends approach me about managing their investments, for a fee. Can I do this without registration/compliance issues, or is it much more complicated than that?
If anybody can answer these questions, or point me to answers, I'd be most appreciative. And if this falls into the domain of securities law where I ought to talk to an attorney, I'd be grateful for a referral. (Send me a private message.) Thanks!
I realize that anybody who is compensated for advising others about investing generally needs to be registered with the state or SEC. But I have two questions:
(1) Apparently this requirement includes "...through publications or writings..." Yet I have the sense that quite a bit is written about investing, for pay, and not always by individuals who are registered. Surely not everybody is registered who writes for the thousands of financial sites on the web that generate income? So where is the line? Is this only really enforced if you are selling securities?
(2) Apparently also there is an exemption for the role of "private investment adviser" -- somebody who does not advertise and has fewer than 15 clients. Now I've had some family and friends approach me about managing their investments, for a fee. Can I do this without registration/compliance issues, or is it much more complicated than that?
If anybody can answer these questions, or point me to answers, I'd be most appreciative. And if this falls into the domain of securities law where I ought to talk to an attorney, I'd be grateful for a referral. (Send me a private message.) Thanks!