Series 63: 1.3.1.2 Registration Exceptions

1.3.1.2  Registration Exceptions

IARs who work for state-registered advisers do not have to register in a state if they do not have an office in the state and they have five or fewer non-institutional clients in the state (the de minimis exemption).

Test Note: An investment adviser is responsible for supervising individuals who work for them as investment adviser representatives, even if the representatives are employed as independent con