Investment Adviser Law and Legal Definition

An investment adviser is defined as: “any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, 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.” Kornman v. SEC, 2010 U.S. App. LEXIS 973 (D.C. Cir. Jan. 15, 2010)

Pursuant to 13 CFR 107.50 [Title 13 -- Business Credit And Assistance Chapter I -- Small Business Administration], the term Investment Adviser/Manager means “any Person who furnishes advice or assistance with respect to operations of a Licensee under a written contract executed in accordance with the provisions of § 107.510.”