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Series 63: Regulation of Investment Advisers
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?

  1. AA notice filing makes the adviser a state-registered adviser
  2. BA federal covered adviser may make a state notice filing but is not registered by that state as an adviser✓ Correct answer
  3. CEvery state notice filing requires a state qualification examination
  4. DA state-registered adviser files notices with the SEC instead of registering with the state
Explanation

Why BA 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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