Registered Investment Advisors

Ac 507.05 Registered Investment Advisors. (a) A registered investment advisor shall not be deemed an incompatible occupation with that of a certified public accountant or a public accountant (PA). (b) CPAs and PAs who are registered investment advisors may be compensated on an hourly rate, fixed rate, or as a percentage of assets under management. However, CPAs and PAs shall not receive or accept commissions. A CPA or PA who simultaneously practices as a registered investment advisor shall be subject to the standards of independence contained in Ac 502. Source. #6905, eff 12-4-98, EXPIRED: 12-4-06 New. #8810, INTERIM, eff 1-25-07, EXPIRED: 7-25-07 New. #9051, eff 12-27-07; ss by #10746, eff 1-1-15; ss by #14188, eff 4-5-25 (formerly Ac 507.06)