Registration第 28 / 100 题
An investment adviser opens a small office in State Q and, during its first year, takes on only two clients who reside in State Q. Regarding State Q registration, the adviser:
a.Must register, because the de minimis exemption is unavailable to an adviser that has a place of business in the state
b.Need not register, because it has fewer than six clients in the state
c.Need not register until it has at least fifteen clients
d.Must register only if the clients are institutional
解析
The de minimis exemption requires that the adviser have no place of business in the state; the client count is a second condition, not a substitute for the first. Once an office exists in the state, registration is required even with a single client. Institutional clients would, if anything, make an exemption easier to reach rather than harder.
法律依据: Uniform Securities Act免费刷完整 100 道题库 — 无需注册。
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