An investment adviser representative (IAR) at William Blair wants to also register as an IAR for a competing firm in the same state. Which of the following is MOST ACCURATE regarding dual registration under the Uniform Securities Act (USA)?

1. AIt is only permitted with the Administrator’s approval.✓ Correct answer
2. BIt is always prohibited.
3. CIt is allowed as long as both firms consent, regardless of the Administrator's stance.
4. DIt is permitted as long as the firms are not in direct competition.

Reading one answer is not the same as being ready

Lucky the Banker is a free practice app with 1,051+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.

• Which of the following is LEAST LIKELY to satisfy an Administrator’s expectation for supervision of an IAR under the…
• A registered investment adviser is succeeded by a new entity after a reorganization. Which statement about the…
• An IAR employed by a Chicago-based adviser has 2 non-institutional clients in State Y but no office there. According to…
• Which statement about a state-registered investment adviser whose regulatory assets under management fluctuate near…
• Which of the following situations most clearly requires prior Administrator approval for dual registration?
• A federally covered IA with no office in State J manages a pension fund domiciled in State J, but the plan’s trustees…
• A William Blair IAR works remotely from a home office in State Z but is supervised from the Chicago headquarters. Which…
• Which of the following scenarios would MOST LIKELY constitute a violation of the USA regarding IA registration?