Get a hint
An investment adviser representative advises a client in a low income tax bracket to purchase municipal securities. Which of the following statements best describes this action?
a. The advice by the representative is unethical
b. Advice concerning tax-free securities is excluded from the provisions of the Investment Advisers Act of 1940
c. The action constitutes fraud
d. The Administrator has no jurisdiction over municipal securities unless the securities are out-of-state bonds
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