Series 63 practice questionmediumNotice Filing Not Required
Under the USA, which of the following federal covered advisers would NOT be required to submit a notice filing in State X?
- AAn adviser with no clients or solicitation in State X✓ Correct answer
- BAn adviser with several institutional clients in State X
- CAn adviser that has more than 5 retail clients in State X
- DAn adviser that transacts business with the general public in State X
Explanation
Why A — An adviser with no clients or solicitation in State X
Notice filings are generally required for federal covered advisers doing business in a state (Section 405). If the adviser has no clients or presence in the state, no filing is required.
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