Series 63 practice questioneasyDefinition
Which of the following is NOT considered a federal covered adviser under the USA?
- AAn adviser managing $110 million AUM and registered with the SEC
- BAn adviser with $90 million AUM and registered only with the state✓ Correct answer
- CAn adviser to a registered investment company
- DAn adviser required to register with the SEC because it operates in 20 states
Explanation
Why B — An adviser with $90 million AUM and registered only with the state
Advisers with less than $100 million AUM are usually required to register at the state level, not with the SEC, and so are not federal covered advisers (USA Sec. 102(6)). The other choices fall under the definition.
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