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Flashcards in USA - Fed Securities Acts Deck (52)
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1

Intrastate investment advisers are exempt from the ______ definition of the term

exempt

2

The de minimus exemption from the fed definition of investment advisor is any IA that has had no more than ____ clients in the last 12 months

12 clients

3

Registration with the SEC is required for those who manage over _____ in assets or those IAs who advice to _______

$100m in AUM, or those who advise to investment companies

4

An adviser with at least ____ in AUM who is NOT required to register in their state must register with the SEC

$25m

5

An adviser with ____ in AUM and who does business in _____ or more states has the option to register with the SEC

$25m, 15 states or more

6

Private fund advisers with more than _____ in AUM are required to register with the SEC (must have _____ or few investors)

$150m; 100 or fewer investors

7

Private fund investors with under _______ must register with the state

$150m

8

All _____ are included in determining AUM for "private fund adviser" status

assets (including commodities, direct real estate investments, callable loans, etc.)

9

All of a "private adviser's" clients must be _______

private funds

10

Exempt private advisers still have to _______ to the SEC

report

11

There is _____ registration for IARs under fed law

NO

12

Form ADV Part 1 contains _______ information

general

13

ADV Part 2 has more ______ information and part _____ is considered the "brochure"

more detailed information, part 2A is the brochure

14

Under fed law, if an IA takes more than ______ in prepaid fees ____ months in advance, must include its ______ in its ADV

more than $1,200 6 months in advance must include its balance sheet

15

Part 2B discloses information about _______ within the IA

individual people generating the investment advice

16

SEC normally grants registration within ______ of filing form ADV

45 days

17

In addition to filing form ADV parts 1 & 2, private fund advisers with more than $150m in AUM must file form ______

PF

18

Anyone who has spent more than _____ in prison is denied registration

1 year

19

For material changes, an amendment to form ADV must be filed ______ according to fed rules and ______ for NASAA rules

promptly for Fed rules and within 30 days for NASAA rules

20

Annual year-end amendment must be filed (for Fed) within _____ of year end

90 days

21

Form ADV-W (for withdrawal) is submitted if IA ceases operations and is effective _____ after submission for Fed and _____ for NASAA

60 days for Fed, 30 days for State

22

Fed requires that you keep records of the signed _______ from each client

brochure

23

Records must be maintained for _____ with first ____ in easily review-able place

5 years, first 2 years (same as state)

24

Brochure must be delivered to clients _____ beginning an advisory relationship with the IA

at or before (counts for oral or written agreements)

25

The brochure delivery rule for states is different than from the fed. T/F

True - state requires 2 days prior or alternatively customer can sign and has 5 days to rescind

26

If there are material changes to the brochure, then is must be sent to each client within ______ of year end (does not apply to the supplement)

120 days

27

If brochure is amended because of disciplinary actions, then must be delivered ______ to all clients

promptly

28

Brochure delivery is not required if adviser is contracting to sell to _____, "impersonal advisory services" for less than _____, or clients who are officers or employees of the firm (or are otherwise related)

investment companies; less than $500

29

If using a solicitor, then the IA must received a signed copy, no later than the time the agreement is entered into, of both the _____ and the ______

IA brochure and the brochure received from the solicitor

30

If the IA has custody, then must send an itemized statement to the customer _____ from either the _____ or the ________

quarterly from either the IA or the custodian