Adviser, IAR, BD, and Agent Regulation

Free NASAA Series 66 (Uniform Combined State Law Examination) lesson in Laws, Regulations, and Guidelines. 25 min read, ~3,688 words.

An IA needs all three prongs (compensation, business, securities advice) before the definition attaches; missing any one means it does not. Federal/state IA split: under \$90M is state-only, \$100M+ is SEC-permitted, \$90-100M is optional, with a \$110M trigger to switch up and a \$90M floor to switch back. Form ADV...