what is sec release ia 1092 
sec release ia 1092 is a release from the securities exchange commission sec that provides uniform interpretations of how state and federal adviser laws apply to those that provide financial services 1sec release ia 1092 builds on the investment advisers act of 1940 or the advisers act that congress enacted to protect persons who rely on investment advisers for advice on purchasing and selling securities understanding sec release ia 1092sec release ia 1092 is the result of a 1987 collaboration between the securities exchange commission sec on the federal side and the north american securities administrators association nasaa on the state side these organizations issued ia 1092 in 1987 as a memo in response to the proliferation of financial planning and investment advice professionals in the 1980s the act reaffirmed the definition of an investment adviser ia as described in sec release ia 770 and added some refinements 1with regard to sports or entertainment agents those individuals that negotiated contracts but did not render investment advice were excluded from the definition of an investment adviser sec release ia 1092 and the investment advisers act of 1940the investment advisers act of 1940 defines an investment adviser as any person who either directly or indirectly through writings engages in the business of advising others on the value or profitability of securities and receives compensation for this guidelines for the investment advisers act of 1940 can be found in title 15 section 80b 1 of the united states code which notes that investment advisers are of national concern due to 2