Series 63 practice questionmediumDual registration prohibition
Which of the following scenarios would MOST LIKELY constitute a violation of the USA regarding IA registration?
- AAn IA registers with both the SEC and State F simultaneously✓ Correct answer
- BAn IA with $70 million AUM registers in three states
- CAn IA with $110 million AUM registers only with the SEC
- DAn IA with offices in States G and H registers in both
Explanation
Why A — An IA registers with both the SEC and State F simultaneously
Dual registration as both a federal covered adviser and a state-registered adviser is prohibited (USA 203A). Registering with multiple states (B, D) or only with SEC when eligible (C) is permitted.
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