Registration第 34 / 100 题
An investment advisory firm has its only office in State D, where it is registered. It also serves three individual clients in State E and four individual clients in State F, with no office in either. Which statement is correct?
a.It must register in all three states because it has clients in each
b.It must register in State E and State F but may withdraw from State D
c.It need not register anywhere because no state has more than five of its clients
d.It must remain registered in State D and may rely on the de minimis exemption in States E and F
解析
Registration is required in the state where the adviser maintains a place of business, so State D registration is mandatory. In States E and F the firm has no place of business and has had five or fewer non-institutional clients in the preceding twelve months, satisfying the de minimis exemption. The counts are measured state by state and never excuse registration where an office exists.
法律依据: Uniform Securities Act免费刷完整 100 道题库 — 无需注册。
同考点相关题目
- For purposes of the institutional exception from the broker-dealer definition, which of the following clients would NOT preserve the exception?
- An agent is registered only in State A. Her broker-dealer is registered in both State A and State B. She begins cold-calling residents of State B from her desk in State A. Which statement is correct?
- Which statement about issuers under the Uniform Securities Act is correct?
- An agent's employing broker-dealer voluntarily withdraws its state registration. Absent any other affiliation, the agent's registration in that state:
- A registered broker-dealer discovers that information in its original state application has become materially inaccurate. The firm should:
- An unregistered individual introduces investors to a small private company and receives a percentage of every dollar the investors put in. The most likely conclusion under the Uniform Securities Act is that she: