Series 63 UPDATED Flashcards
Broker Dealer must register when:
- Office in a state
- 1 resident retail client in state
Effective noon 30 days post filing
Renew every Dec 31st
Agent (rep of BD) must register in state where buisness:
- Originates
- Directs
- Receive & Accepts
(retail & institutional)
Exempt persons from registering as Agent:
- Administrative staff
- Employees representing the issuer of:
- Exempt Securities
- Exempt Transactions
- Sales to existing employees w/o commission
Agent registers through form:
U-4
Effective noon 30 days post file
Renewal: Dec 31
Termination: Form U-5
Investment Advisors are
Firms that provide:
- Advice
- Business
- Compensation
Form ADV
Investment Advisors register at state level when:
- Office in state
- Less than 5 retail clients in state
Investment Advisors register with SEC when:
- More than $100mm AUM
- 15 or more states
- Advise investment companies
Investment Advisor Representatives register at the:
State level
Form U-4
30 days post file
renew Dec 31st
State Registered IA, IARs must register when:
- Place of business
- Less than 5 retail clients
Federal Covered IA, IARs must register:
- Place of business
Not Securities
- Commodities
- Currencies
- Collectibles
- Personal Residence
- Retirement Plan Interest
- Fixed Annuity
Registration of Securities
must register in state unless exempt transaction or security
- Coordination (multiple states)
- Qualification (individual state)
- Notice Filing (Federal Covered Securities, ex: open/closed end funds)
Exempt Securities (avoid registration)
- US & Foreign governments
- Munis
- Banks
- Insurance Companies
- Public Utilities
- Non for Profits
- Commercial Paper
- Employee Benefit Plans
- Federal-Covered Securities
Exempt Transactions (avoid registration)
- Unsolicited
- Private Placement
- Existing Security Holders
- Underwriters
- Fiduciaries (trustee of bankruptcy)
- Institutional
Federal Covered Securities (state exempt)
- Nationally Listed Securities
- Investment Company Securities (mutual funds, ETFs, closed-end)
- Reg D Private Placement
- US Government Securities
- Out-of-State Munis