Series 63 practice questionhardNotice Filing and Institutional Clients
A federal covered adviser located in State D has only insurance company and investment company clients in State E. Under the USA, which statement is TRUE?
- ANo notice filing is required in State E✓ Correct answer
- BA notice filing is always required in any state where an adviser has any clients
- CThe adviser must register with State E as a state adviser
- DThe adviser must register only its investment adviser representatives in State E
Explanation
Why A — No notice filing is required in State E
No notice filing is required in a state where a federal adviser does business only with institutions (Section 405). Advisers cannot register federally and at the state level simultaneously.
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