Legislation in the United States defining an
investment adviser as a person who provides professional advice on how to manage
investments or makes investments on behalf of a client. Under amendments to the Advisers Act, investment advisers with more than $25 million under management are required to
register with the
SEC. The act defines the
liability of investment advisers and provides guidelines on the
fees and
commissions they may collect. Additionally, the Act provides certain anti-
fraud provisions protecting
investors from predatory advisers, even those not registered with the SEC.