SEC Release IA-1092

SEC Release IA-1092

A protocol by the SEC providing a uniform set of interpretations on how state and federal authorities will deal with similar issues in their respective jurisdictions. This was published to reduce uncertainty and increase regularity in financial regulation. SEC Release IA-1092 was released in 1987.
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SEC Release IA-1092 states that the exclusion from registration as an investment adviser "is not available, for example, to a lawyer or accountant who holds himself out to the public as providing financial planning, pension consulting, or other financial advisory services." An unregistered investment adviser is not able to give specific investment advice, which is defined as including "a recommendation that a client allocate certain percentages of his assets to life insurance, high yielding bonds, and mutual funds or particular types of mutual funds such as growth stock funds or money market funds."