Answer:
According to the USA, the following doesn't fall under the definition of an IAR:
- A person who effects securities transactions for the accounts of others is a broker/dealer.
Step-by-step explanation:
- IAR stands for Investment Advisory Representative which is an individual whose primary role is to provide advice in the matters of investment.
- IAR can give advice only in those investment matter in which they have proved their qualification by passing a test.
- A person who effects the securities transaction for the accounts of others is called a broker or a dealer is not an IAR.