N.Y. Comp. Codes R. & Regs. tit. 13 § 11.13

Current through Register Vol. 46, No. 41, October 9, 2024

Section 11.13 - Exclusions and Exemptions

(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.

N.Y. Comp. Codes R. & Regs. Tit. 13 § 11.13

Amended New York State Register July 3, 2018/Volume XL, Issue 27, eff. 7/3/2018

Amended New York State Register December 2, 2020/Volume XLII, Issue 48, eff. 2/2/2021