Registration of Advisers, BDs, and Representatives

Free NASAA Series 65 (Uniform Investment Adviser Law Examination) lesson in Laws, Regulations, and Guidelines. 23 min read, ~3,390 words.

Investment adviser = advice + business + compensation (all three required). State registration for IAs under $100M AUM; SEC mandatory at $110M; the $100M to $110M buffer zone allows the firm to choose. LATE professionals are excluded only when advice is incidental AND they do not hold themselves out as...