Series 63 practice questionmediumDual Registration
Which of the following is TRUE regarding dual registration of investment advisers under the USA?
- AA firm may not be registered as both a state and federal adviser at the same time✓ Correct answer
- BA firm must maintain both registrations if it has clients in multiple states
- CDual registration is required for firms with more than $110 million in AUM
- DDual registration is required for all investment advisers
Explanation
Why A — A firm may not be registered as both a state and federal adviser at the same time
An adviser is not registered simultaneously with the SEC and as a state investment adviser. A federal covered adviser may be required to make state notice filings, but a notice filing is not dual adviser registration.
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