D.C. Mun. Regs. tit. 26, r. 26-B154
It shall be unlawful for any investment adviser or investment adviser representative licensed or required to be licensed under the Act to compensate, directly or indirectly, any person who acts as a solicitor, unless such person is licensed as an investment adviser representative. Any person engaged in impersonal investment advisory services shall not be required to be licensed as an investment adviser representative.
A "Solicitor" is any person or entity who for compensation, acts as an agent of an investment adviser or investment adviser representative licensed or required to be licensed under the Act.
"Impersonal investment advisory services" means investment advisory services provided solely by means of (i) written materials or oral statements which do not purport to meet the objectives or needs of the a particular client or prospective client of the investment adviser or investment adviser representative, (ii) statistical information containing no expression of opinions as to the investment merits of particular securities, or (iii) any combination of the foregoing services.
D.C. Mun. Regs. tit. 26, r. 26-B154