An investment adviser with no office in State E only provides advice to 3 insurance companies in State E. The state administrator issues an order removing the institutional exemption. The adviser's best course of action is:

1. ACease doing business in State E or register as an IA there.✓ Correct answer
2. BContinue advising insurance companies under federal law.
3. CRegister only if the adviser has more than five clients.
4. DRely on the LATE exclusion.

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.

• A publisher sends a weekly newsletter with general market commentary but offers a premium service with tailored…
• A federal covered adviser with an office in State D manages mutual fund assets and has retail clients in State D. Which…
• Which of the following persons giving advice would NOT be required to register as an IA under the USA?
• A lawyer offers portfolio design services to non-clients for a fee, in addition to her legal practice. Under the USA,…
• A private fund adviser with $120 million AUM has only qualified purchasers as clients in State F. Under the USA, what…
• An employee of a federal covered adviser sells office supplies and has no involvement in investment advice. Under the…
• An IA located in State G has no place of business in State H and only advises 2 banks and 4 individuals in State H.…
• A website publishes model portfolios every quarter to all subscribers, regardless of their personal holdings. Is the…