Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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Which of the following statements regarding the registration of broker-dealers and investment advisers is true?
  1. Investment advisers are required to register with both the state and the SEC, while broker-dealers may be registered with only one or the other.
  2. Investment advisers must always be registered with the SEC to conduct business; broker-dealers may be registered with either an individual state or the SEC or both.
  3. Investment advisers are required either to be registered with a state or with the SEC, while broker-dealers must be registered both with the SEC and the state.
  4. Both investment advisers and broker-dealers must be registered with the SEC and with the states in which they have offices.
Explanation
Answer: C - The true statement is C: Investment advisers are required either to be registered with a state or with the SEC, but broker-dealers must be registered with both the SEC and the state. Investment advisers who are federal covered do not need to be registered with the state as well, but they do have to execute a notice filing with the Administrator of any state in which they have an office.
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