SECTION
202(a)(11) OF THE INVESTMENT ADVISERS ACT OF 1940
15
U.S.C. § 80b-2(a)(11) (1988)
"Investment
adviser" means 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; but
does not include (A) a bank, or any bank holding company as defined in the Bank
Holding Company Act of 1956 which is not an investment company; (B) any lawyer,
accountant, engineer, or teacher whose performance of such services is solely
incidental to the practice of his profession; (C) any broker or dealer whose
performance of such services is solely incidental to the conduct of his
business as a broker or dealer and who receives no special compensation
therefor; (D) the publisher of any bona fide newspaper, news magazine or
business or financial publication of general and regular circulation; (E) any
person whose advice, analyses, or reports relate to no securities other than
securities which are direct obligations of or obligations guaranteed as to
principal or interest by the United States, or securities issued or guaranteed
by corporations in which the United States has a direct or indirect interest
which shall have been designated by the Secretary of the Treasury, pursuant to
section 3(a)(12) of the Securities Exchange Act of 1934, as exempted securities
for the purposes of that Act; or (F) such other persons not within the intent
of this paragraph, as the Commission may designate by rules and regulations or
order.