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Series 63: Regulation of Investment Advisers
Series 63 practice questionmediumAssets Under Management Thresholds

At what AUM threshold must a state-registered investment adviser apply for SEC registration as a federal covered adviser?

  1. A$100 million
  2. B$110 million✓ Correct answer
  3. C$120 million
  4. D$150 million
Explanation

Why B$110 million

The USA and federal law require mandatory SEC registration at $110 million AUM; between $100-$110 million it's optional, but $110 million is the trigger (Section 202(a)(11)).

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