Series 63 practice questionmediumDefinition of Place of Business
Which situation would most likely require a federal covered adviser to make a notice filing in State Y?
- AThe adviser has a physical office in State Y but no clients there yet✓ Correct answer
- BThe adviser has no office but five institutional clients in State Y
- CThe adviser has five retail clients in State Y and no office there
- DThe adviser has only one client in State Y and no office
Explanation
Why A — The adviser has a physical office in State Y but no clients there yet
A state may require a federal covered adviser with a place of business in the state to make a notice filing. The physical office in A makes A the unambiguous answer; the other choices state no office and no more than five clients.
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