Series 63 practice questionmediumNotice Filing Exemptions
Which scenario would exempt a federal covered adviser from a notice filing in a state?
- AHaving an office but only institutional clients in the state
- BHaving more than five retail clients in the state
- CHaving no place of business and only institutional clients in the state✓ Correct answer
- DHaving an office and five retail clients in the state
Explanation
Why C — Having no place of business and only institutional clients in the state
No place of business and only institutional clients usually exempts the adviser from notice filing requirements (USA Sec. 405). The presence of an office (A, D) or more than five clients (B) requires notice filing.
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