Series 63 practice questionhardState Registration Exceptions
Under the USA, which scenario requires state registration as an IA?
- AAn adviser with $60 million AUM and offices in two states✓ Correct answer
- BAn adviser with $130 million AUM and no state offices
- CAn adviser with $115 million AUM who only serves as a sub-adviser to mutual funds
- DA federal covered adviser with only institutional clients
Explanation
Why A — An adviser with $60 million AUM and offices in two states
With $60 million AUM and multi-state offices, the adviser is not eligible for exclusive federal registration and must register at the state level (Section 203A). The others are federal or excluded.
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