Series 63 practice questionmediumInvestment Adviser Representatives — Exclusions from Definition
Which of the following individuals is NOT required to register as an investment adviser representative under the Uniform Securities Act?
- AA person who gives advice about securities for compensation.
- BA partner of an investment adviser who supervises client portfolios.
- CA secretary at an investment advisory firm who occasionally forwards client account forms.✓ Correct answer
- DAn employee who solicits advisory clients and explains investment strategies.
Explanation
Why C — A secretary at an investment advisory firm who occasionally forwards client account forms.
Clerical or administrative personnel, such as secretaries who do not engage in advisory activities, are excluded from the definition of investment adviser representative (USA Section 401(17)).
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 1,051+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Spot an error in this question or explanation? Tell us — we fix these fast.
Related Regulation of Investment Advisers questions
- A registered investment adviser (state-registered) located in State Z employs Tom, who provides advice only to clients…
- Janet works for an SEC-registered investment adviser and provides investment advice to several clients in State X,…
- If an investment adviser representative (IAR) of a state-registered IA is terminated, who must notify the Administrator…
- Which of the following individuals would NOT be considered an investment adviser representative under the Uniform…
- Paul is a registered investment adviser representative in State M. He is offered a fee by a mutual fund company for…
- According to the Uniform Securities Act, in which circumstance must an investment adviser representative (IAR) register…
- XYZ Advisors, a federal covered investment adviser, has two IARs. The first regularly conducts advisory business from a…
- Under the Uniform Securities Act, which of the following individuals is considered an Investment Adviser Representative…