Federal Securities Acts Quiz Flashcards
When can a performance fee be charge?
1,000,000 in assets OR
2,000,000 net worth
when must account statements be sent if an investment advisor takes custody?
quarterly
If an investment advisor does not have custody, must it report financial difficulties?
no
If a b/d does not charge for plans, must it register as an IA?
No
Are type of clients something that must be disclosed on the brochure?
Yes
Is the loan value the compliment or reciprocal of the reg t requirement?
compliment
Are business relationships that could cause a conflict of itnerest disclosed in the brochure?
Yes
When must the annual amendment to form ADV be filed with the SEC?
90 days from fiscal year end
Can an investment advisor act as a principle in a transaction?
Yes, but only if proper disclosure and consent is given
How long does the Investment Advisers Act require records to be retained for?
5 years
What is the SEC timeframe for amendments to Form ADV?
Promptly
What is the NASAA timeframe for amendments to Form ADV?
30 days
What Regulation covers “small dollar offereings”
A
Do advisory contracts with investment companies require delivery of the brochrue?
No
If a firm gives advice about securites is it in the business of giving investment advice?
Only if it is part of its regular business; can be a small part and not count
