(a) The following are excluded from the definition of investment adviser under 11.12(f) of this Part and are not subject to the registration provisions of GBL section 359-eee and the regulations issued thereunder:

1. (1) a bank or trust company, unless it is considered an investment adviser under the Investment Advisers Act of 1940;
2. (2) a lawyer, accountant, engineer or teacher whose performance of these services is solely incidental to the practice of this profession;
3. (3) a broker or dealer whose performance of these services is solely incidental to the conduct of its business as broker or dealer and who receives no special compensation for them;
4. (4) a publisher of a bona fide newspaper or news magazine;
5. (5) a person who sells investment advisory services to less than six persons in this State exclusive of financial institutions and institutional buyers; and

6. (6) a Federally covered investment adviser.

   For purposes of this exemption, the provisions of rule 203(B)(3)-l thereunder shall apply.

(b) The following investment advisers are exempted from the registration provisions and the advertising and literature filing provisions of GBL section 359-eee and the regulations issued thereunder:

1. (1) a person who gathers raw data from one or more sources and publishes it in chart form without comment as an information source to investors; and
2. (2) a person who renders investment advice for compensation solely in the form of seminars attended by more than five persons in this State.