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

Investment advisers with less than $100 million in AUM must register with the state unless an exemption applies.

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

Personal credit scores are not a standard required disclosure on investment adviser registration applications.

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

An IAR with more than 5 retail clients in a state within 12 months must register in that state.

Question 4

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

Accepted Answer

Form U4

Answer

Form U4 (Uniform Application for Securities Industry Registration) is used to register investment adviser representatives.

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

An adviser with no place of business in the state and fewer than 6 clients there qualifies for the de minimis exemption from state registration.

Series 66 – Uniform Combined State Law Exam Practice Test

Series 66 – Uniform Combined State Law Exam Practice Test

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