Series 63 practice questionmediumInvestment Adviser Representatives — Termination Procedures
If an investment adviser representative (IAR) of a state-registered IA is terminated, who must notify the Administrator under the Uniform Securities Act?
- AOnly the investment adviser representative.
- BBoth the investment adviser and the investment adviser representative.
- CNeither party; the Administrator is notified automatically.
- DOnly the investment adviser.✓ Correct answer
Explanation
Why D — Only the investment adviser.
For state-registered firms, the employing investment adviser is responsible for notifying the Administrator when an IAR's association ends (USA Section 405(a)).
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