If a company publishes a new letters (for a fee) which states which stock to buy this month because they feel the company has very strong growth. Does the company have to be an Registered Investment Advisor?
I feel it does but I am thinking of a company that does this and as far as I know it is not a Registered Investment Advisor.
I am also thinking there might be a first amendment issue here. That is, the courts may have issues with the government regulating news papers and other publications.
I am in the United States.