Series 63 practice questioneasyExclusions for Clerical Staff
Which of the following statements is CORRECT regarding clerical staff at a state-registered investment adviser under the USA?
- AClerical staff must register as IARs if they schedule client meetings
- BClerical staff are generally excluded from the definition of IAR✓ Correct answer
- CClerical staff must be registered if they handle cash deposits
- DClerical staff must register if they have access to client addresses
Explanation
Why B — Clerical staff are generally excluded from the definition of IAR
Clerical and administrative staff are excluded from the definition of an IAR even if they handle non-advisory client interactions or administrative functions, per the USA Section 401(b).
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