Series 63 practice questionmediumProfessional Exclusions
A lawyer forms an LLC to provide investment advice for a fee, separate from her legal practice. Under the USA, her LLC is:
- AExcluded as a lawyer
- BAn investment adviser required to register✓ Correct answer
- CA broker-dealer
- DA federal covered adviser
Explanation
Why B — An investment adviser required to register
The exclusion applies only to incidental advice as part of legal duties. Forming an LLC for investment advice is IA activity (Section 401(c)).
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