Series 63: Federal Exclusions From The Definition Of Investment Adviser

Federal Exclusions from the Definition of Investment Adviser

The following are exceptions to the definition of an investment adviser, meaning they don’t fit into the definition of investment adviser under the Investment Advisers Act (and the Dodd-Frank Act). Note that many of these exceptions overlap with the ones listed under the Uniform Securities Act. As such, they do not register federally, and states cannot require these entities to register as investment advisers:

• • A bank or bank holding company that is not an investment company and does not act as an investment adviser to an investment company
• » However, a separately identified department may act as an investment adviser without causing the entire bank to be counted as an investment adviser, and in this case, only