Series 63 practice questioneasyDe Minimis Exemption
According to the USA, an investment adviser with no place of business in State Y and fewer than how many clients in that state over the past 12 months is exempt from registration?
- A5✓ Correct answer
- B10
- C15
- D20
Explanation
Why A — 5
The de minimis exemption under the USA allows an IA with no place of business in the state to avoid registration if they have no more than 5 non-institutional clients in the past 12 months (Section 403(b)(2)).
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