investment advisors act S66

Exempt Reporting Advisers

" must still report to the SEC by filing parts of Form ADV annually, but do not have to register with the SEC by filing Form PF.

Part 2b

(the "Brochure Supplement") gives the educational and work background of the key advisory personnel who set investment strategy or manage accounts

I and III

A private fund adviser must file: I Form PF with the SEC II Form BD with the SEC III Form ADV with the SEC IV Form RIA with the SEC

B

All of the following are "federal covered" advisers EXCEPT an adviser: Awith $400,000,000 of assets under management Bwith $40,000,000 of assets under management Cto an investment company with $400,000,000 of assets Dto an investment company with $40,000,000 of assets

B

An investment adviser enters into a contract with a customer that states that: "The customer shall hold the investment adviser, its officers, and its employees, harmless if the adviser, its officers or employees act in bad faith, are grossly negligent, or violate any State or Federal statute." This contract provision is: Abinding if the customer signs the contract Bvoid under both Federal and State law Cacceptable under State law; but void under Federal law Dvoid under State law; but acceptable under Federal law

$10,000 fine and 5 years in jail

Criminal violations of the Investment Advisers Act of 1940 are punishable by:

Form ADV Part 1

Includes general information like the investment adviser's name, location, fiscal year of business, form of business, owners of the business, names of officers, number of employees, total amount of assets under management, States in which the adviser is registered, etc. It also asks questions which determine whether the applicant should be denied registration (like if you have been convicted of a securities related fraud within the past 10 years).

A

The States in which an investment adviser is registered would: Abe found in Form ADV Part 1 Bbe found in Form ADV Part 2 Cbe found in both Form ADV Part 1 and Form ADV Part 2 Dnot be found in either Form ADV Part 1 or Form ADV Part 2

C

The annual renewal filed with the SEC by an investment adviser is an amendment to: AForm ADV Part 1 only BForm ADV Part 2 only CForm ADV Part 1 and Part 2 if there are any changes to the brochure DForm ADV-W

B

Under IA-1092, all of the following are considered to be investment advisers EXCEPT: Apension consultants Bestate planners Cadvisers to athletes Dadvisers to entertainers

A

Under SEC rules established by NSMIA, an individual that files a registration application will be denied if the applicant has: Aserved 1 year or more in jail Bpleaded "no contest" to criminal charges Cbeen named in a civil lawsuit within the past year Dbeen fined $10,000 or more by a court of law for violations of securities statutes

B

Under SEC rules, an "access person" employed by an investment adviser has access to: Ainvestment adviser accounting systems Bnonpublic information on client transactions Cinvestment adviser electronic software and hardware Dnonpublic information on client portfolio performance

quarterly within 30 calendar days of quarter end

Under SEC rules, an "access person" must report all personal securities transactions:

45 days

Under the Investment Advisers Act of 1940, after receiving an investment adviser application, the SEC must grant a registration to an investment adviser; or start a proceeding denying registration, within how many days?

60 days

Under the Investment Advisers Act of 1940, if the SEC suspends or revokes the registration of an investment adviser registered, an appeal may be filed in Federal Court within how many days?

II,IV

Under the Investment Advisers Act of 1940, the SEC policy regarding emails maintains that: I business related emails are required to be recorded and maintained II both business related and personal emails are required to be recorded and maintained III records must be retained for 3 years IV records must be retained for 5 years

I,II,III

Under the Investment Advisers Act of 1940, which of the following are requirements for a family office to be excluded from the definition of an Investment Adviser? I The family office must only provide investment advice to clients who are part of that family II The family office must be wholly owned by family clients and exclusively controlled by family members or entities III The family office cannot hold itself out as an investment adviserIV The family office must have less than $100 million of assets under management IVThe family office must have less than $100 million of assets under management

A

Under the Investment Advisers Act of 1940, which of the following persons is exempt from registration with the SEC? AAn investment adviser whose only clients are insurance companies BAn investment adviser whose only clients are investment companies CAn investment adviser whose only clients are pension plans DAll of the above

I and III

Which statements are TRUE regarding the payment of fees by registrants? I Registrants with the SEC are required to pay a filing fee II Registrants with the SEC are not required to pay a filing fee III Registrants with the State are required to pay a filing fee IV Registrants with the State are not required to pay a filing fee

Form ADV Part 2

broken down into Part 2A and Part 2B, both of which must be given to customers at, or prior to entering into an advisory contract.

Part 2A

gives descriptive information about the advisory firm; and may be used as the document given to potential customers to satisfy the "Brochure Rule.

$150 million AUM

ny private fund adviser that has at least ______ million of assets under management must register with the SEC.

the giving of advice is the primary business of the firm.

the term "investment counsel" may only be used by an investment adviser if the what?

Private Fund Advisors

which are advisers to hedge funds