Section 4 Laws, Regs, Guidelines Flashcards
1
Q
When de minimus exemption applies
A
Only to state IA’s with less than 5 clients in a state
2
Q
What is different about registering with states between the IA and IAR
A
IAR always register with state, IA’s may either file with state or federally with SEC
3
Q
Where does a federal IAR register?
A
In state where you maintain your office (Can have clients in other places)
4
Q
Where does a state IAR register?
A
Any state where they have clients
5
Q
What time period is associated with a Form ADV brochure
A
5 business days
6
Q
If a partner leaves and forms their own IA, must clients be notified
A
Yes
7
Q
What is the only basis where performance-based compensation is allowed
A
If over 1.1 mil invested or 2.2 AUM
8
Q
Are commissions tied to agents or IAR’s
A
Agents
8
Q
A
