Financial Services Regulations Flashcards
1
Q
SEC/State Regulatory Requirements
A
RIA with LESS THAN $100 million AUM register with state of office
Advisors may have to register in multiple states
If state has no requirement, can register with SEC
2
Q
Definition of Investment Advisor
A
- Provides Advice, reports or analysis regarding securities
- In the Business of providing these services
- Receives Compensation for these services
3
Q
Exceptions to filing as Investment Advisor
A
(BLEAT) Bank, Lawyer, Engineer, Accountant, Teacher
bona fide newspaper
limited to US government securities
only advises insurance companies
a family office
4
Q
Investment Advisor registration with SEC
A
- Files ADV form with SEC
- Pays $150 fee
- Submits ADV Part 1 and Schedule I updates annually
