Section 7Sec./Art. 7

Investment Adviser. -Investment advisers shall be subject to the provisions of Chapters VII, VIII, X and XIII of Republic Act No. 8799, and the rules and regulations to be issued by the SEC.

The term "investment adviser" shall mean any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of investment products or as to the advisability of investing in, purchasing, or selling investment products, or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning investment products; but does not include the following:

(a) Trust Department/Unit of Banks;

(b) Stand-alone Trust Entities;

(c) Lawyer, accountant, engineer, or teacher whose performance of such services is solely incidental to the practice of his profession;

(d) Insurance agent whose performance of such services is solely incidental to the practice of his profession;

(e) Any investment banker or broker dealer whose performance of such services is solely incidental to the conduct of his business as such investment banker or broker dealer and who receives no special compensation therefor;

(f) The publisher of anybona fidenewspaper, news magazine, or business or financial publication of general and regular circulation; and

(g) Such other persons as the SEC may designate by rules and regulations, or appropriate order.