Unit 10 Flashcards
Who investment adviser representative of a federal covered investment adviser registers with
The Administrator
What initial applications for registration must be accompanied by
Consent to service of process
When an IAR is not defined as such in a specific state
The individual is registered in State A as a representative of a state-registered adviser, has no place of business in any other state, and has fewer than six retail clients in State B
Wrap fee
Comprehensive charge for all services provided by an investment manager or advisor
If an IA organized as a partnership expands business into a new state, are advisors who were partners automatically resgistered?
Yes
When a consent to service of process is present
At an agent’s initial registration application
Who is excluded from associated person in an IA
Employees with no investment advisory functions, such as clerks and administrative personnel
What term impersonal investment advice means
Services provided by means of written material or oral statements that do not purport to meet the objectives or needs of specific individuals or accounts
Who is automatically registered when an IA registers in a new state (state E)
Officers, partners, and directors of the firm who will be functioning in State E as IARs
How many clients an IAR has to reach de minimis exemption during the preceding 12-month period
No more than five or fewer
How many days after filing the application as an investment adviser representative does registration generally become effective?
30
When renewal date for all professionals is
December 31
When working for a state registered investment adviser, where must IAR’s register
- In states where he maintains place of business
- Any other state in which his clients exceed the de minimis limit of 5
When working for a federal covered investment adviser, where must IAR’s register
- States where he maintains place of business
