Series 63 practice questionmediumMid-sized adviser: multiple office rule
A mid-sized adviser ($60 million AUM) with offices in 4 different states asks where to register. What is the most accurate guidance?
- ARegister with the SEC as a federal covered adviser
- BRegister with the state of the principal office only
- CRegister with all 4 states✓ Correct answer
- DRegister with any one of the 4 states
Explanation
Why C — Register with all 4 states
Mid-sized advisers ($25-$100M AUM) generally register in every state where they have a place of business. SEC registration (A) is only for $100M+ unless an exemption applies. B/D are incomplete.
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