The 1940 Investment Advisors Act targeted the evil-doers, the ones who convinced Ma and Pa to speculate on oil wells in the Arctic when they should have been putting their life savings into T-bills.
These evil-doers were the investment advisors themselves, and going forward, they were subject to minimum education requirements, as well as passing onerous and ungodly boring exam preps like the one you are reading now (sorry).
For the test, note that if an advisor bills outside of the trading...
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