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← Series 63: Regulation of Investment Advisers
Series 63 practice questionmediumInvestment Company Adviser

An investment adviser manages a mutual fund registered under the Investment Company Act of 1940. Under the USA, the adviser's registration status is:

  1. AState registered
  2. BFederal covered adviser✓ Correct answer
  3. CNot required to register anywhere
  4. DDual registered (state and federal)
Explanation

Why B — Federal covered adviser

Advisers to registered investment companies are always federal covered (USA Sec. 102(6)). A is incorrect; C is incorrect as SEC registration is required, and D is not permitted.

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