Series 66 – Uniform Combined State Law Exam Investment Adviser Registration & Licensing

Question 1

Under the Uniform Securities Act, an investment adviser with assets under management below what threshold must register with the state rather than the SEC?

Accepted Answer

$100 million

Answer

$25 million

Answer

$50 million

Answer

$10 million

Question 2

Which of the following is NOT generally required on an investment adviser registration application under the Uniform Securities Act?

Accepted Answer

Personal credit score of each principal

Answer

Form of organization

Answer

Business history of the firm

Answer

Qualifications of associated persons

Question 3

An investment adviser representative (IAR) must register in a state if they have how many or more retail clients in that state within a 12-month period?

Accepted Answer

5

Answer

3

Answer

10

Answer

1

Question 4

Which form is used by investment adviser representatives to register with state securities regulators?

Accepted Answer

Form U4

Answer

Form ADV

Answer

Form BD

Answer

Form U5

Question 5

Under the USA, which of the following investment advisers is exempt from state registration?

Accepted Answer

Advisers with no place of business in the state and fewer than 6 clients in the state

Answer

Advisers managing only pension funds

Answer

Advisers who charge flat fees only

Answer

Advisers registered in any other state

Question 6

Under the Uniform Securities Act, the registration of an investment adviser is effective for what period?

Accepted Answer

Until revoked or until December 31 of the year of registration

Answer

2 years

Answer

5 years

Answer

3 years