What does not classify as an advertisement when directed at multiple persons?

The correct answer is that training specifically for Chief Compliance Officers does not classify as an advertisement when directed at multiple persons. This is because training programs aimed at compliance professionals are focused on education and professional development rather than marketing a product or service to entice potential customers. Such training is more about enhancing skills and knowledge to ensure adherence to regulatory standards, which is a critical function within financial organizations.

In contrast, the other options involve marketing elements aimed at promoting analysis, reports, or advisory services, which are designed to attract clients or investors. Analysis or reports on securities trading provide information that could influence investment decisions, and graphs or devices for trading decisions are tools utilized in the trading process that often promote a service or capability. Other investment advisory services also directly relate to offering advice or recommendations with the intent of attracting clients. Therefore, these options represent advertisements aimed at influencing the behavior of potential investors or clients, while the training for compliance officers is a professional development initiative rather than a promotional activity.