Series 63: Exercise

Exercise

Answer true or false

1. 1. _Partners, officers, and directors of an investment adviser are required to register as IARs only if they regularly give investment advice.
2. 2. _ IARs who work for federally-covered investment advisers register at the federal level.
3. 3. _IARs are not subject to net capital requirements.
4. 4. _IARs are subject to most of the same post-registration requirements as the firms for which they work.
5. 5. _IARs in some cases are responsible for notifying a state administrator in the case of their termination.

Answers

1. 1. False. Partners, officers, and directors of an IA are automatically registered as IARs when the firm registers.
2. 2. False. IARs only register at the state level. They cannot register federally.
3. 3. True. Unlike the IAs for which they work, IARs never