Series 63 practice questionmediumIAR Exemptions and Exclusions
Which of the following individuals is EXEMPT from registering as an IAR under the USA?
- AAn individual who manages client accounts and receives a fee
- BA supervisor of individuals providing advice
- CA clerical employee who answers phones and files paperwork✓ Correct answer
- DAn individual who solicits new advisory clients for a commission
Explanation
Why C — A clerical employee who answers phones and files paperwork
Clerical and administrative staff are specifically excluded from the IAR definition and do not require registration. The others are all covered (USA Section 401(b)).
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