Series 63 practice questionmediumState Registration for In-State Advisers
ABC Advisors has a single office in State Q, provides advice only to residents of State Q, and manages $90 million in AUM. Under the USA, ABC must:
- ARegister as a state adviser only in State Q✓ Correct answer
- BRegister as a federal covered adviser
- CRegister in every state where it has clients
- DRegister as a broker-dealer
Explanation
Why A — Register as a state adviser only in State Q
With $90 million AUM and no out-of-state business, the firm is subject to state registration only (Section 403). Federal registration is not required.
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