Series 63 practice questionhardIAR Definition – Exclusions
Which of the following individuals is NOT considered an IAR under the USA?
- AA supervisor of other IARs
- BA partner of an investment adviser who manages client portfolios
- CA human resources manager responsible solely for personnel policies✓ Correct answer
- DAn individual who solicits advisory clients for compensation
Explanation
Why C — A human resources manager responsible solely for personnel policies
Human resources activities are not within the IAR definition. Supervisors, partners with advisory roles, and compensated solicitors are all IARs per USA Section 401(b).
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