Series 63 practice questionmediumFederal covered advisers, state notice filing
Which statement correctly distinguishes a federal covered adviser's state notice filing from state investment-adviser registration?
- AA notice filing makes the adviser a state-registered adviser
- BA federal covered adviser may make a state notice filing but is not registered by that state as an adviser✓ Correct answer
- CEvery state notice filing requires a state qualification examination
- DA state-registered adviser files notices with the SEC instead of registering with the state
Explanation
Why B — A federal covered adviser may make a state notice filing but is not registered by that state as an adviser
A state notice filing by a federal covered adviser supplies permitted documents and fees to the state; it does not convert the firm into a state-registered investment adviser.
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