Series 63 1.5

An investment adviser with no place of business in the state has 10 clients in the state. For which one of the clients would registration be required?

An individual with net worth in excess of $1 million

Persons who represent nonexempt issuers of new securities

An adviser who manages client accounts with less than $100 million in value

Under the Uniform Securities Act, which of the following is considered a place of business of a registered investment adviser representative?

I.An office from which the representative regularly provides advisory services to clients II.A location published in a professional directory, indicated on business cards, or telephone book listing that identifies it as a place where the representative will be available to meet or communicate with clients III.A hotel or auditorium at which the representative has advertised to the public that he will be available to conduct advisory business at that site (NOT A hotel meeting room identified only to current clients as a place the representative will be available to conduct advisory business bc only advertised to existing clients)

A broker-dealer with an office in this state must register as an investment adviser if it charges

III. a fee for selling investment research, even to institutions

When, if ever, would a broker-dealer be required to register as an investment adviser?

If it charges distinct fees for investment advice or management

any person excluded from the definition of investment adviser under the Investment Advisers Act of 1940 is considered

a federal covered adviser (may be subject to payment of notice filing fees)

An individual is an agent for a broker-dealer. He takes and passes the appropriate examinations and forms a sole proprietorship investment adviser. About a year later, he terminates his registration with the broker-dealer. This action would require

amending the Form ADV

The National Securities Markets Improvement Act of 1996 (NSMIA)

defined the term "federal covered adviser"

Under the Uniform Securities Act, an accountant who charges hourly fees for securities recommendations in the regular course of his accounting practice is

included in the definition of an investment adviser because he is compensated for giving investment advice in the regular course of business (To be excluded, the advice must be on an incidental basis)

A federal covered investment adviser is a person

registered, or excluded from the definition of investment adviser, under the Investment Advisers Act of 1940

Peter Smith, a prominent securities lawyer living in Connecticut, conducts his securities law practice full time in New York state. He must register as an investment adviser in New York state if

the clients of Smith's law firm are all residents of Connecticut but conduct their business with Smith in New York