Series 66 - Unit 10

Those individuals whose duties are limited to clerical or ministerial (administrative) functions are excluded from the definition of

Associated person

In order to be defined as an investment adviser representative, the individual must

Give advice regarding securities or supervise those who do AND those who seek out business for an advisory firm

Under the Uniform Securities Act, those individuals representing a state-registered investment adviser (IA) can take advantage of the de minimis exemption. That is..

If the individual has no place of business in a state and conducts business with no more than five retail clients in the state, registration is not required

An investment adviser representative of an investment adviser registered in four states voluntarily terminates her registration. Under the Uniform Securities Act

Only the investment adviser must give notice of the termination to the Administrators.

One of the new categories of investment adviser appearing in the Release IA-1092 is

Pension consultant. A person who provides a service matching corporate retirement plans with portfolio managers

*My own personal note* generally when an Investment Adviser Representative has a place of business in the state they are required to

Register with the state administrator

In order to maintain registration as an Investment Adviser Representative, one is required to

Renew their registration by December 31st

In the case of an investment adviser representative with a federal covered adviser, the _______________ is the only one responsible for notifying the Administrator

Representative. The firm has no relationship with the state.

Under Section 203A of the Investment Advisers Act of 1940, any IAR with a federal covered adviser who has no place of business in a state is not required to register in that state even when

The number of clients they have in a state exceeds the de minimis level

Wilson works for Wall Street Limited (WSL), an investment adviser registered with the SEC. Wilson limits his advice strictly to securities issued or guaranteed by the US government. Under the Uniform Securities Act, Wilson

must register as an IAR. B/c Wilson works for a *registered* investment adviser and provides advice on securities, he must register as an IAR. This is true regardless of the nature of the securities that are subject of his advice. **If the only securities that the firm (WSL) gave advice on were those issued or guaranteed by the US government, it would not have to register on the federal or the state level and neither would Wilson.** However, when the individual limits his advice to them, the exclusion does not apply

If you fail the Series 65 exam, there is a waiting period of

30 days. If failed 3 times, the waiting period is 180 days.