A federal covered adviser must generally make a notice filing with a state if it:

1. AHas no place of business in the state and no clients there
2. BHas more than five individual clients in the state during the past 12 months✓ Correct answer
3. COnly advises investment companies registered under the Investment Company Act of 1940
4. DDoes not solicit business in the state

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• Who has jurisdiction to enforce anti-fraud provisions against a federal covered adviser doing business in a state?
• Which of the following is a requirement for a federal covered adviser doing business in a state?
• Which of the following is NOT considered a federal covered adviser under the USA?
• An investment adviser with $120 million in assets under management must register with which regulatory body?
• A federal covered adviser registered with the SEC must notice file with a state when:
• Which federal law primarily preempts state registration of federal covered advisers?
• Which situation would most likely require a federal covered adviser to make a notice filing in State Y?
• Under the Uniform Securities Act, which of the following best describes a federal covered adviser?