Definition
(sometimes just referred to as a “covered adviser”)
Typically refers to larger firms that register with the SEC: - they meet the minimum threshold of 110M in AUM (when SEC registration is required) - those under contract to manage an Investment Company under investment company act of 1940 - those registered with the SEC because they are excluded from the definition of an IA within the investment advisers act of 1940 - usually whose advice is limited to securities issued by the U.S. government or one of its agencies