Investment Adviser Registration & Licensing Flashcards
6 cards from real Series 66 – Uniform Combined State Law Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Investment Adviser Registration & Licensing flashcards as text
Under the Uniform Securities Act, an investment adviser with assets under management below what threshold must register with the state rather than the SEC?
Answer: $100 million
Investment advisers with less than $100 million in AUM must register with the state unless an exemption applies.
Which of the following is NOT generally required on an investment adviser registration application under the Uniform Securities Act?
Answer: Personal credit score of each principal
Personal credit scores are not a standard required disclosure on investment adviser registration applications.
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?
Answer: 5
An IAR with more than 5 retail clients in a state within 12 months must register in that state.
Which form is used by investment adviser representatives to register with state securities regulators?
Answer: Form U4
Form U4 (Uniform Application for Securities Industry Registration) is used to register investment adviser representatives.
Under the USA, which of the following investment advisers is exempt from state registration?
Answer: Advisers with no place of business in the state and fewer than 6 clients in the state
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.
Under the Uniform Securities Act, the registration of an investment adviser is effective for what period?
Answer: Until revoked or until December 31 of the year of registration
Investment adviser registrations under the USA are effective until December 31 of the year in which they were granted, unless sooner revoked.
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