Series 63 practice questionmediumTermination Reporting – Dual Registration
An IAR registered in States M and N with a state-registered adviser is terminated. Who must notify the Administrators?
- AThe IAR in both states
- BThe investment adviser in both states✓ Correct answer
- CThe Administrator in the adviser's home state
- DThe IAR in one state and the adviser in the other
Explanation
Why B — The investment adviser in both states
For IARs of state-registered advisers, it is the adviser's responsibility to notify all Administrators where the IAR is registered (USA Section 404(b)).
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