Laws & Regulations第 98 / 110 题
The 'de minimis' exemption from state investment adviser registration generally applies when an adviser:
a.Has no place of business in the state and had no more than five retail clients there in the prior 12 months
b.Manages more than $110 million in assets
c.Has an office in every state where it advertises
d.Charges only performance-based fees
解析
Under the de minimis standard, an adviser with no place of business in a state need not register there if it had five or fewer retail clients in that state during the preceding 12 months. Establishing an office in the state removes the exemption. This rule avoids burdening advisers with only incidental contacts in a state.
法律依据: Uniform Securities Act免费刷完整 110 道题库 — 无需注册。
同考点相关题目
- An investment adviser exercising discretionary authority over a client account must generally obtain what?
- Under the Uniform Securities Act, the Administrator may deny, suspend, or revoke a registration for which reason?
- Under the Uniform Securities Act, which person is excluded from the definition of a 'broker-dealer' in a given state?
- Under the Investment Advisers Act of 1940, an advisory contract must generally provide that:
- A federal covered adviser doing business in a state is generally subject to which state requirement?
- If an adviser delivers its brochure at the same time the advisory contract is signed rather than at least 48 hours before, the client generally must be given: