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← Series 63: Regulation of Investment Advisers
Series 63 practice questionmediumFederal Covered Adviser vs. State Adviser

Under the USA, who is considered a federal covered adviser?

  1. AAn adviser required to register under the Investment Advisers Act of 1940✓ Correct answer
  2. BA broker-dealer giving incidental advice
  3. CA sole proprietor giving advice to fewer than 5 clients
  4. DA bank trust department
Explanation

Why A — An adviser required to register under the Investment Advisers Act of 1940

Federal covered advisers are those registered (or required to be) with the SEC under the 1940 Act. B, C, and D are not federal covered advisers under the USA.

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