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Series 63: Regulation of Investment Advisers
Series 63 practice questioneasyDefinition of Investment Adviser Representative

Under the Uniform Securities Act (USA), which of the following individuals is LEAST likely to be considered an investment adviser representative (IAR)?

  1. AA partner of an investment advisory firm who supervises employees giving advice
  2. BA receptionist who schedules appointments for advisory clients✓ Correct answer
  3. CAn employee who gives securities advice for compensation
  4. DA solicitor paid for bringing clients to an adviser
Explanation

Why BA receptionist who schedules appointments for advisory clients

Receptionists performing only clerical or administrative tasks are excluded from the definition of IAR under the USA. The others (A, C, D) are either providing advice, soliciting, or supervising advisory personnel and are covered by the definition (USA Section 401(b)).

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