On February 2nd, the Tenth Circuit addressed the broker-dealer exemption from registration under the Investment Advisers Act. Plaintiffs alleged that defendant violated the Advisers Act when its unregistered financial services representative sold them a variable universal life insurance policy. Affirming the entry of summary judgment dismissing the claim, the Court held that the broker-dealer exemption from registration applies when advice is given in connection with conduct as a broker or dealer, so long as the broker-dealer does not receive compensation in exchange for advice, as opposed to for the sale of a product, and distinct from transaction-based compensation for the sale of a product. The importance of the advice is relevant only insofar as the advice cannot supersede the sale of the product as the "primary" goal of the transaction or the "primary" business of the broker-dealer. Thomas v. Metropolitan Life Insurance Co.