Series 63 practice questionmediumFederal Covered Adviser Definition
Under the USA, which adviser would NOT be considered a federal covered adviser?
- AAn adviser registered with only one state✓ Correct answer
- BAn adviser with $125 million in AUM, registered with the SEC
- CAn adviser managing a mutual fund registered under the Investment Company Act of 1940
- DAn adviser that is SEC-registered but maintains a place of business in multiple states
Explanation
Why A — An adviser registered with only one state
An adviser registered solely in one state is not a federal covered adviser (Section 102(6)). All other options describe federal covered advisers.
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