# Legal sources — creator platform

These are the primary sources the framework's legal scores are graded against. Each row maps an archived (or cited-only) source to its pinpoint citation, the key sections flagged for the creator-compensation analysis (paying a creator to promote or solicit for an adviser or private fund), and the source URL. Retrieved-dates are UNKNOWN where not certain (not fabricated).

**Status legend.** `primary-archived` = full primary text/PDF saved in this folder. `primary-cited-only` = an authoritative primary source that the analysis relies on and cites but whose text is not archived here (pull next to complete the chain). `secondary` = commentary/summary, not primary law (none currently in this folder).

| File | Citation | Status | Key sections flagged | Source URL |
|---|---|---|---|---|
| [`usc-15-78o-a-broker-registration.md`](./usc-15-78o-a-broker-registration.md) | 15 U.S.C. § 78o(a)(1)–(2) (Securities Exchange Act of 1934 § 15(a)) | primary-archived | § 78o(a)(1) core broker/dealer registration prohibition ("induce or attempt to induce the purchase or sale of, any security" — the hook that pulls a compensated creator/solicitor into unregistered-broker status); § 78o(a)(2) SEC conditional-exemption authority (statutory basis for safe harbors like Rule 3a4-1) | https://www.law.cornell.edu/uscode/text/15/78o |
| [`usc-15-78c-a4-broker-definition.md`](./usc-15-78c-a4-broker-definition.md) | 15 U.S.C. § 78c(a)(4) (Exchange Act § 3(a)(4)), pinpoint (a)(4)(A) | primary-archived | (a)(4)(A) core "broker" test — "engaged in the business of effecting transactions in securities for the account of others" (transaction-based / % -of-raise comp pushes toward broker status; flat content fees do not by themselves); (a)(4)(B)(i)–(xi) bank-activity carve-outs incl. de minimis 500 txns/yr; (a)(4)(C) execution-by-BD limit; (a)(4)(D) fiduciary-capacity def — (B)/(C)/(D) all bank-specific, not available to a non-bank creator platform | https://www.law.cornell.edu/uscode/text/15/78c |
| [`cfr-17-240-3a4-1-issuer-safe-harbor.md`](./cfr-17-240-3a4-1-issuer-safe-harbor.md) | 17 CFR § 240.3a4-1 (associated persons of an issuer deemed not brokers) [50 FR 27946, July 9, 1985] | primary-archived | (a)(2) absolute bar on transaction-based comp; (a)(4)(ii)(A) substantial non-securities issuer duties; (a)(4)(ii)(B) not a BD within prior 12 months; (a)(4)(ii)(C) once-per-12-months offering limit; (a)(1) no statutory disqualification; (a)(3) not currently associated with a BD; (b) no negative presumption from failing the safe harbor; (c)(1) scope limit — only reaches a natural-person partner/officer/director/employee of the issuer, so an unaffiliated third-party creator cannot rely on 3a4-1 | https://www.law.cornell.edu/cfr/text/17/240.3a4-1 |
| [`cfr-17-275-206-4-1-marketing-rule.md`](./cfr-17-275-206-4-1-marketing-rule.md) | 17 CFR § 275.206(4)-1 (Investment Adviser Marketing Rule; adopting rel. IA-5653, Dec. 22, 2020; compliance date May 4, 2022) | primary-archived | (b) compensation-for-testimonial/endorsement trigger; (b)(1) required clear-and-prominent disclosures + (b)(1)(ii) material terms of comp; (b)(2) reasonable-basis belief + written-agreement requirement; (b)(3) ineligible-person disqualification screen; (b)(4) de minimis / affiliate / BD / Reg D 506(d) exemptions; (e)(5) "endorsement" (paid promo/solicit/refer by non-client); (e)(9) "ineligible person"; (e)(3) "disqualifying Commission action"; (e)(4) "disqualifying event" (10-yr lookback); (e)(17) "testimonial". NOTE: adopted rule does NOT use "promoter" (proposal-only) | https://www.law.cornell.edu/cfr/text/17/275.206(4)-1 |
| [`cfr-17-275-205-3-qualified-client.md`](./cfr-17-275-205-3-qualified-client.md) | 17 CFR § 275.205-3 (Advisers Act Rule 205-3), implementing Advisers Act § 205(a)(1) & (e) (15 U.S.C. 80b-5) | primary-archived | (a) carry permitted only if client is a qualified client; (b) private-fund look-through (each equity owner is a "client"); (d)(1)(i) AUM test; (d)(1)(ii)(A) net-worth test w/ primary-residence exclusion; (d)(1)(ii)(B) qualified-purchaser prong; (d)(1)(iii) knowledgeable-employee prong; (d)(3) "private investment company" (3(c)(1) fund); (e) inflation-adjustment mechanism — base amounts $750K (AUM) / $1.5M (net worth); CAVEAT: live thresholds live in the SEC order, not the rule | https://www.law.cornell.edu/cfr/text/17/275.205-3 |
| [`cfr-17-230-506-reg-d.md`](./cfr-17-230-506-reg-d.md) | 17 CFR § 230.506 (Reg D Rule 506(b)/(c)/(d)/(e)) [47 FR 11262, Mar. 6, 1982, as amended through 86 FR 3598, Jan. 14, 2021] | primary-archived | (d)(1) compensated-solicitor covered-person clause ("any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers"); (d)(1)(i)(C)/(ii)(C) "paid solicitor of purchasers of securities" disqualifying events; (d)(2)(iv) + Instruction reasonable-care / factual-inquiry defense; (c)(2)(ii) accredited-investor verification methods (A)–(E); (b)(2)(i) 35-purchaser/90-day cap + no general solicitation (broad creator promotion pushes a raise into 506(c)) | https://www.law.cornell.edu/cfr/text/17/230.506 |
| [`usc-15-77q-b-anti-touting.md`](./usc-15-77q-b-anti-touting.md) | 15 U.S.C. § 77q(b) (Securities Act of 1933 § 17(b)) | primary-archived | § 77q(b) anti-touting disclosure duty — reaches promotional/editorial content ("though not purporting to offer a security for sale"), any consideration "directly or indirectly" from issuer/underwriter/dealer, full disclosure of receipt (past & prospective) and the amount (bare "#ad" omitting amount fails); § 77q(c) touting duty not lifted by § 77c registration exemptions; § 77q(a)(1)–(3) fraud backstop | https://www.law.cornell.edu/uscode/text/15/77q |
| [`cfr-17-270-3c-5-knowledgeable-employee.md`](./cfr-17-270-3c-5-knowledgeable-employee.md) | 17 CFR § 270.3c-5 (Investment Company Act Rule 3c-5) [62 FR 17529, Apr. 9, 1997] | primary-archived | (a)(4)(i) status-only KE route (GP/director/advisory-board member/exec officer, no tenure test); (a)(4)(ii) dual prong — genuine participation in investment activities AND 12-month tenure (a paid promoter/marketer fails "participates in investment activities"); (a)(3) "Executive Officer" (nominal title insufficient); (b)(1)–(2) KE holdings excluded from 3(c)(1)/3(c)(7) headcount; (a)(1) "Affiliated Management Person". Caveat: 3c-5 governs only headcount, not broker-registration or Marketing-Rule issues | https://www.law.cornell.edu/cfr/text/17/270.3c-5 |
| [`sec-ranieri-partners-2013.pdf`](./sec-ranieri-partners-2013.pdf) + [`.md`](./sec-ranieri-partners-2013.md) | In re Ranieri Partners LLC & Donald W. Phillips, Exch. Act Rel. No. 69091 / IA Rel. No. 3563, Admin. Proc. File No. 3-15234 (Mar. 8, 2013) | primary-archived | HOLDING: transaction-based comp for solicitation (1% / 0.3% of capital commitments, ~$2.4M paid) = operating as unregistered broker under Exch. Act § 15(a); solicitation prongs (sending PPMs/subscription docs, urging allocation, sharing analysis/other-investor info); firm liability (¶18, failure to oversee/limit access) + individual liability (¶20/¶22, Phillips aided & abetted); sanctions ($375K firm penalty; Phillips 9-mo supervisory suspension + $75K) | https://www.sec.gov/litigation/admin/2013/34-69091.pdf |
| [`sec-vaneck-buzz-2024.pdf`](./sec-vaneck-buzz-2024.pdf) + [`.md`](./sec-vaneck-buzz-2024.md) | In re Van Eck Associates Corp., IA Act Rel. No. 6560 / Inv. Co. Act Rel. No. 35132, Admin. Proc. File No. 3-21857 (Feb. 16, 2024) — BUZZ ETF finfluencer comp | primary-archived | ¶2 AUM-threshold fee pivot (flat → success-linked to incentivize influencer); ¶8 original flat 20% proposal; ¶10 success-linked scale (20%→as much as 60% above $1.25B AUM) + influencer equity; ¶15 disclosure defect (disclosed 20% flat, hid sliding scale from Board); ¶24 AUM-linked comp material to profitability/economies of scale; Violations ¶¶27–29 (Inv. Co. Act § 15(c); Advisers Act § 206(2) negligence-based; § 206(4)/Rule 206(4)-7); sanctions cease-and-desist + censure + $1.75M penalty | https://www.sec.gov/files/litigation/admin/2024/ic-35132.pdf |
| [`sec-marketing-rule-release-ia-5653.pdf`](./sec-marketing-rule-release-ia-5653.pdf) + [`.md`](./sec-marketing-rule-release-ia-5653.md) | Investment Adviser Marketing, IA Act Release No. IA-5653, File No. S7-21-19 (Dec. 22, 2020) (final rule adopting amended rule 206(4)-1; effective May 4, 2021; 430 pp.) | primary-archived | "A promoter also may be acting as a broker or dealer" note (§ II.C.5.e, pp. 55–56 — promoter's own § 15(a) BD-registration duty); withdrawal of 1979 no-registration position for solicitors; supervised-person carve-out; operative rule 206(4)-1(b)(1)–(4) compensated-endorsement stack; de minimis $1,000/12-mo (e)(2); "ineligible person" (e)(9); endorsement/testimonial defs (e)(5),(e)(17) | https://www.sec.gov/rules/final/2020/ia-5653.pdf |
| [`sec-finfluencer-risk-alert-2025.pdf`](./sec-finfluencer-risk-alert-2025.pdf) + [`.md`](./sec-finfluencer-risk-alert-2025.md) | SEC Div. of Examinations Risk Alert, "Additional Observations Regarding Advisers' Compliance with the Advisers Act Marketing Rule" (Dec. 16, 2025) — Rule 206(4)-1(b) & (c) | primary-archived | § II.A disclosure defects (hyperlinked / small-font disclosures fail clear-and-prominent under (b)(1)(i)); (b)(1)(ii) material terms of comp — social-media influencers named as compensated promoters; fn 16 quantum-of-comp detail (amount / % / period); (b)(2)(i)–(ii) reasonable-basis belief + written agreement; de minimis $1,000-over-12-months aggregation trap ((b)(4)(i)/(e)(2)); fn 4 promoter's own IA and/or § 15(a) BD-registration duty; fn 18 reasonable-basis mechanics for a blogger/influencer. Caveat: staff statement, "no legal force or effect" | https://www.sec.gov/files/exams-riskalert-mrkt-rule-2512-508.pdf |

## Companion sources cited but not archived here (primary-cited-only)

The analysis leans on these primary sources but their text is not saved in this folder. Pull them next to close the chain.

| Source | Citation | Status | Why it matters | Source URL |
|---|---|---|---|---|
| Live qualified-client dollar-amount order | SEC order under Advisers Act § 205(e) (e.g. IA-6961 / the ~May 1, 2026 five-year adjustment) | primary-cited-only | Rule 205-3(d)(1)(i)/(ii)(A) point to "the applicable dollar amount specified in the most recent order" — the operative carry-eligibility thresholds must be cited from this Federal Register order, not from § 275.205-3 itself (which only carries the $750K / $1.5M base amounts) | https://www.sec.gov/rules/other |