The Advisers Act defines an “investment adviser” as any person who, for compensation, engages in the business of advising others as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities. The Advisers Act covers investment advisers with assets of $25 million or more under management. Investment advisers with less than $25 million under management are to be regulated by the states. For those investment advisers subject to the Advisers Act, registration as an investment adviser with the SEC is required.
