According to the usa, which of the following does not fall under the definition of an iar?

According to the USA, the following doesn't fall under the definition of an IAR:

A person who effects securities transactions for the accounts of others is a broker/dealer.

Explanation:

IAR stands for Investment Advisory Representative which is an individual whose primary role is to provide advice in the matters of investment.IAR can give advice only in those investment matter in which they have proved their qualification by passing a test.A person who effects the securities transaction for the accounts of others is called a broker or a dealer is not an IAR.