Investment Advisers and IARs
Free NASAA Series 63 (Uniform Securities Agent State Law Examination) lesson in Adviser-Side Registration Under the USA. 18 min read, ~2,638 words.
Investment adviser = ABC test: Advice about securities, Business, Compensation. All three required. \$110M AUM = SEC registration (federal covered). Under \$100M = state registration. \$100M to \$110M buffer = adviser's choice. Federal covered advisers notice-file with the state (Form ADV + fee). They do NOT register at state level...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Key Takeaways
- Exam Shortcuts
Learning objectives
- A1
- B2
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