New York Codes, Rules and Regulations
Title 13 - DEPARTMENT OF LAW
Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL
Subchapter A - SECURITIES-GENERAL
Part 11 - INVESTMENT ADVISORY SERVICES
Section 11.13 - Exclusions and Exemptions
Universal Citation: 13 NY Comp Codes Rules and Regs ยง 11.13
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The following are excluded from the definition of "investment adviser" under 11.12(f) of this Part and are not subject to the registration provisions of GBL § 359-eee and the regulations issued thereunder:
(1) A bank or trust company, unless it is
considered an investment adviser under the Investment Advisers Act of
1940;
(2) A lawyer, accountant,
engineer or teacher whose performance of these services is solely incidental to
the practice of this profession;
(3) A broker or dealer whose performance of
these services is solely incidental to the conduct of its business as broker or
dealer and who receives no special compensation for them;
(4) A publisher of a bona fide newspaper or
news magazine;
(5) A person who
sells investment advisory services to less than six (6) persons in this State
exclusive of financial institutions and institutional buyers; and
(6) A federally covered investment
adviser.
(b) The following investment advisers are exempted from the registration provisions and the advertising and literature filing provisions of GBL § 359-eee and the regulations issued thereunder;
(1) a person
who gathers raw data from one (1) or more sources and publishes it in chart
form without comment as an information source to investors; and
(2) a person who renders investment advice
for compensation solely in the form of seminars attended by more than five (5)
persons in this State.
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