Paul works as a registered representative for Broker-Dealer X and also works as a financial planner under Broker-Dealer X's control. Paul's only source of compensation are commissions for trades that are executed. According to the Investment Advisers Act:
Paul must be registered as an investment adviserBroker-Dealer Y must be registered as an investment adviserPaul does not need to be registered as an investment adviserNeither Paul nor Broker-Dealer Y requires registration as an investment adviser
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