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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.

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"Investment advisers" are regulated, but not everybody who gives advice on investments is one. Extracting parts of the relevant verbiage, it refers to one who, for compensation, engages in the business of advising others or who issues reports concerning securities. It excludes banks (with exceptions), also any lawyer, accountant, engineer, or teacher whose advice is incidental to his profession. Also noteworthy is that it excludes

(D) the publisher of any bona fide newspaper, news magazine or business or financial publication of general and regular circulation

So it is possible that they are not in the regulated category.

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