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Series 63: Regulation of Investment Advisers
Series 63 practice questionmediumDual Registration — Firm Consent vs. Administrator

Under the Uniform Securities Act, when may an IAR generally be associated with more than one investment adviser?

  1. AWhenever both firms privately consent
  2. BWhen the advisers are affiliated or the Administrator permits the association by rule or order✓ Correct answer
  3. COnly after every client gives written consent
  4. DNever under any circumstances
Explanation

Why BWhen the advisers are affiliated or the Administrator permits the association by rule or order

An IAR generally may not act for more than one investment adviser unless the advisers are affiliated or the Administrator permits the association by rule or order. Private firm consent by itself does not override the restriction.

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