Commission Interpretation Regarding the Solely Incidental Prong of the Broker-Dealer Exclusion From the Definition of Investment Adviser

The Securities and Exchange Commission (the "SEC' or the "Commission') is publishing an interpretation of a section of the Investment Advisers Act of 1940 (the "Advisers Act' or the "Act'), which excludes from the definition of "investment adviser' any broker or dealer that provides advisory services when such services are "solely incidental' to the conduct of the broker or dealer's business and when such incidental advisory services are provided for no special compensation.