Series 63 practice questionhardIAR Registration and Disciplinary Action
If an IAR changes employment from a state-registered to a federal covered adviser, what must occur under the USA?
- AThe investment adviser must notify all Administrators
- BThe IAR must update registration in each state where they have a place of business✓ Correct answer
- CNo action is required unless the IAR provides advice
- DThe new adviser files Form U5
Explanation
Why B — The IAR must update registration in each state where they have a place of business
The IAR must update registration in states where they have a place of business, since procedures differ depending on the adviser's registration. Notification is not solely the adviser's duty (USA Section 404(b)).
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