Unit 2 Flashcards
Investment advisor representative
Very easy to be defined as one of these. Just giving advice qualifies.
Clerical does not qualify. If they don’t regularly communicate with clients, or only offer impersonal advice, they are not ISRs.
De minimus applies
Snowbird applies
If they are a federally covered adviser, exception is made that they must only register in:
The state where they (the actual advisor) have a place of business
Only register on the state level
Unlike IAs who could qualify for either
Filing form for registration
U4
Files through
CRD
FINRAs central registration depository
Disclosure reporting pages
Filed with the registration that show past disciplinarian events. No time limit for any felony or securities related misdemeanor.
IAR Registration vs. FINRA Registration
All IARs registered are IARs. There is no “principal” level like FINRA.
Waiting periods for retaking series 66
30 days for for 2 times failed. 180 days after the third.
No financial requirements
An IAR is so easily defined. Makes sense.
Form U4 timeline for material changes
30 days
No record keeping requirements for books and records
Unlike IAR - which is??? Unit 1
