RegistrationCâu 6 / 100
An investment adviser has its only office in State M. Over the past twelve months it has advised five individual clients who reside in State N, where it has no place of business. Regarding State N registration, the adviser:
a.Must register because it has more than one client in the state
b.Must register because advisers never qualify for numerical exemptions
c.Qualifies for the de minimis exemption because it has no place of business in the state and has had five or fewer non-institutional clients there in the preceding twelve months
d.Must register only if the five clients' combined assets exceed one million dollars
Giải thích
The de minimis exemption applies to an adviser with no place of business in the state that has had no more than five non-institutional clients in that state during the preceding twelve consecutive months. Client asset size is irrelevant to the count. Had the adviser maintained an office in State N, registration would be required no matter how few clients it had.
Trích dẫn luật: Uniform Securities ActLuyện miễn phí toàn bộ 100 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- Which of the following is NOT a security under the Uniform Securities Act?
- A broker-dealer registered in State X has no office in State Y. Its only State Y business consists of trades executed for three banks, a registered investment company, and another broker-dealer. Must the firm register in State Y?
- An agent registered only in State A telephones a long-standing client who is spending the winter in State B. The agent recommends a bond purchase and the client agrees. Which statement is correct?
- Which statement about the consent to service of process is correct?
- An agent resigns from Broker-Dealer One and joins Broker-Dealer Two the following week. Under the Uniform Securities Act, notice of the change must be given to the Administrator by:
- Which individual at a state-registered investment advisory firm would be considered an investment adviser representative?
Cập nhật gần nhất: · quy trình kiểm tra
Đội Ngũ Biên Tập PrepPass · Đối chiếu với NASAA Series 63 — Uniform Securities Agent State Law Exam · Quy trình kiểm tra