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← Series 63: Regulation of Investment Advisers
Series 63 practice questioneasyInvestment Adviser Representatives — Registration Requirement

According to the Uniform Securities Act, in which circumstance must an investment adviser representative (IAR) register with the state?

  1. AWhen the IAR is employed by a federal covered adviser with no place of business in the state and only serves five or fewer clients in the state
  2. BWhen the IAR is only performing administrative duties for the investment adviser
  3. CWhen the IAR has no place of business in the state and only serves institutional clients in the state
  4. DWhen the IAR has a place of business in the state, regardless of the type of clients served✓ Correct answer
Explanation

Why D — When the IAR has a place of business in the state, regardless of the type of clients served

Under USA Section 403, IARs must register in any state where they have a place of business, regardless of the type of clients (institutional or retail). There are exemptions for those with no place of business who only serve certain clients.

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