Series 63 practice questionhardAll of the following EXCEPT — ADV delivery and custody nuances
All of the following scenarios require prompt client notification or delivery of specific documents under the Uniform Securities Act EXCEPT:
- ADiscovery of a material inaccuracy in Form ADV Part 2
- BInitiation of a surprise custody examination by an independent accountant✓ Correct answer
- CA client’s written request for all recent account records
- DReceipt of client assets in an account, where the adviser is deemed to have custody for the first time
Explanation
Why B — Initiation of a surprise custody examination by an independent accountant
A surprise exam does not require notice to clients; it is an internal compliance measure. The other events require communication or document delivery (USA §411, Model Rule 204-3, Custody Rule).
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