Under the Investment Advisers Act of 1940, which of the following are exempt from registration as investment advisers under normal circumstances?

I. Engineers
II. Accountants
III. Teachers
IV. Attorneys

A. I, II, III, IV

B. II, III, IV

C. I, III

D. II, IV



Correct answer: A

So long as any advice rendered to customers is incidental to their basic profession all of these are exempt from registration under the Act of '40. The definition of investment adviser in the Act stresses that an Investment Adviser is, "…in the business of…" providing investment advice for a fee.

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