Registration第 6 / 100 题
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
解析
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.
法律依据: Uniform Securities Act免费刷完整 100 道题库 — 无需注册。
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