Series 63 practice questionmediumSwitching from State to SEC Registration
A state-registered investment adviser reports $112 million in regulatory assets under management on its annual Form ADV updating amendment. By when must it apply for SEC registration?
- AImmediately upon first reaching $112 million
- BWithin 30 days after the fiscal year ends
- CWithin 90 days after filing the annual updating amendment✓ Correct answer
- DAt the next state registration renewal
Explanation
Why C — Within 90 days after filing the annual updating amendment
If a state-registered adviser reports regulatory assets under management of $110 million or more on its annual Form ADV updating amendment, it must apply for SEC registration within 90 days after filing that amendment. The annual amendment itself is generally due within 90 days after fiscal year-end, so those are separate deadlines.
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