Series 66: Federal Exclusions From The Definition Of Investment Adviser

Federal Exclusions from the Definition of Investment Adviser

The Dodd-Frank Act states that the following are exceptions to the definition of an “investment adviser,” meaning they don’t fit into the definition of investment adviser. Note that many of them overlap with the exceptions listed under the Uniform Securities Act. These people and entities do not register federally, and states cannot require them to register as investment advisers:

• • Bank or bank holding company that is not an investment company and does not act as an investment adviser to an investment company; a separately identifiable department or division within a bank may act as an investment adviser without causing the