Series 63 practice questionhardDual Registration — Broker-Dealer vs. Investment Adviser
Under the Uniform Securities Act, when may an IAR generally represent more than one investment adviser?
- AWhenever both firms consent privately
- BOnly when the advisers are affiliated or the Administrator permits it by rule or order✓ Correct answer
- CWhenever the firms are in different states
- DNever under any circumstances
Explanation
Why B — Only when the advisers are affiliated or the Administrator permits it by rule or order
An IAR generally may not represent more than one investment adviser unless the advisers are affiliated or the Administrator permits the arrangement by rule or order. Firm consent by itself is not sufficient.
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