Series 63 practice questioneasyInvestment Adviser Representatives — Exclusions from Definition
During a compliance drill, focus on how the Uniform Securities Act applies here. Read it as a Uniform Securities Act issue rather than a federal-law issue. Which of the following individuals would NOT be considered an investment adviser representative under the Uniform Securities Act?
- AA partner who supervises employees giving investment advice
- BAn individual who solicits clients for the investment adviser
- CAn employee who performs only clerical duties for the investment adviser✓ Correct answer
- DA supervisor who directly manages client portfolios
Explanation
Why C — An employee who performs only clerical duties for the investment adviser
Clerical and administrative personnel are specifically excluded from the definition of an IAR under USA Section 401(17). Partners who supervise, solicitors, and portfolio managers are considered IARs. The exam trick is the framing, not the underlying Uniform Securities Act rule.
Turn it into reps
Reading one answer is not the same as being ready
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