Series 63 practice questionmediumJurisdictional Limits
Which of the following actions may a state administrator NOT take against a federal covered adviser?
- ARequire state registration as an investment adviser✓ Correct answer
- BRequire a notice filing and fee
- CInvestigate fraud complaints in the state
- DBring enforcement action for violations of state anti-fraud laws
Explanation
Why A — Require state registration as an investment adviser
NSMIA preempts state registration of federal covered advisers (USA Sec. 403). Notice filings, enforcement, and investigations related to fraud are not preempted.
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