Series 63 practice questionhardRegistration – IARs of Federal Covered Advisers
Which statement is TRUE about IAR registration for federal covered advisers under the USA?
- AIARs must register in all states where their clients reside
- BIARs must register only in states where they have a place of business✓ Correct answer
- CIAR registration is not required in any state for federal covered advisers
- DIARs must register with the SEC only
Explanation
Why B — IARs must register only in states where they have a place of business
IARs of federal covered advisers only register in states where they have a place of business, not in all client states. Registration with the SEC is for advisers, not IARs (USA Section 404(a)).
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