Final answer:
A RR would need to register under the Investment Advisers Act of 1940 and pass the Series 65 exam to charge separately for investment advice.
Step-by-step explanation:
If a Registered Representative (RR) has been charging commissions for transactions and now wants to charge separately for investment advice, they would need to register under the Investment Advisers Act of 1940. This act requires individuals or firms that provide investment advice for compensation to register as investment advisers with the Securities and Exchange Commission (SEC) or with the state securities authorities.
The RR would also need to pass the Series 65 exam, also known as the Uniform Investment Adviser Law Examination. This exam tests the knowledge and competence of individuals seeking to become investment adviser representatives (IARs) to ensure they have a good understanding of investment concepts, ethics, and regulations.
By registering under the Investment Advisers Act and passing the Series 65 exam, the RR would be able to legally offer investment advice separately from charging commissions for transactions.