Series 63 practice questionmediumSupervision — Place of Business
A William Blair IAR works remotely from a home office in State Z but is supervised from the Chicago headquarters. Which of the following is TRUE regarding the definition of 'place of business' for registration under the USA?
- AThe home office is not a 'place of business' since the IAR is supervised remotely.
- BThe home office is a place of business if the IAR regularly provides advisory services there, meets clients there, or holds it out to the public as an advisory location✓ Correct answer
- CThe home office is always a 'place of business' requiring registration in State Z.
- DThe home office is not a 'place of business' unless securities are physically delivered there.
Explanation
Why B — The home office is a place of business if the IAR regularly provides advisory services there, meets clients there, or holds it out to the public as an advisory location
A place of business includes an office where an IAR regularly provides investment-advisory services, solicits or meets with clients, or otherwise holds the location out to the public as a place where advisory services are provided. Remote supervision does not prevent a qualifying home office from being a place of business.
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