Question

An investment adviser representative of a Federal Covered adviser with no office in the state only has non-institutional clients. Where must the investment adviser representative register

Answer 1

Complete Question:

An investment adviser representative of a Federal Covered adviser with no office in the state only has non-institutional clients. Where must the investment adviser representative register?

Group of answer choices

A. SEC

B. State

C. Both the SEC and the State

D. Neither the SEC nor the State

Answer:

B. State.

Explanation:

In this scenario, an investment adviser representative of a Federal Covered adviser with no office in the state only has non-institutional clients. The investment adviser representative must register with the state.

A representative of a Federal Covered adviser is only required to register with the state in which he or she is operating.

However, for the investment adviser, they're expected or required by law to register with the Securities and Exchange Commission (SEC) since they're having no office in the state.