Question

Under the Investment Advisers Act of 1940, which of the following is excluded from the definition of a person associated with an investment adviser?

A) A clerk in an investment advisory firm.
B) A minority partner of an investment advisory firm.
C) A majority stockholder of an investment advisory firm.
D) An employee who manages client accounts for an investment advisory firm.

Answer 1

A clerk in an investment advisory firm is excluded from the definition of a person associated with an investment adviser.

Step-by-step explanation:

Under the Investment Advisers Act of 1940, the person excluded from the definition of a person associated with an investment adviser is a clerk in an investment advisory firm. A minority partner, a majority stockholder, and an employee who manages client accounts are all considered persons associated with an investment adviser.