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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 BFederal 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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