Series 63 practice questionmediumInvestment Adviser Representatives — Exclusions from Definition
A training manager asks you to analyze the following USA issue. Read it as a Uniform Securities Act issue rather than a federal-law issue. Which of the following individuals is NOT required to register as an investment adviser representative under the Uniform Securities Act?
- AA person who gives advice about securities for compensation.
- BA partner of an investment adviser who supervises client portfolios.
- CA secretary at an investment advisory firm who occasionally forwards client account forms.✓ Correct answer
- DAn employee who solicits advisory clients and explains investment strategies.
Explanation
Why C — A secretary at an investment advisory firm who occasionally forwards client account forms.
Clerical or administrative personnel, such as secretaries who do not engage in advisory activities, are excluded from the definition of investment adviser representative (USA Section 401(17)). This variant keeps the same legal rule but shifts the setup so recall has to stay flexible.
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