Chapter 2 - Investment Adviser Representatives Flashcards Preview

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Flashcards in Chapter 2 - Investment Adviser Representatives Deck (12):
1

Investment adviser representatives are basically just investment advisers who chose to ______

work for a registered investment adviser, pretty much have same roles and responsibilities

2

IARs have same exemptions to registration at the state-level as IAs,

- no office in that state
- five or fewer non-institutional clients

3

IAs are responsible for for supervising _____ who work for them

IARs

4

Partners, officers and directors of an IA are ________ registered as ______ when the IA registers

automatically registered as IARs

5

An IAR application becomes effective at ______ on the _____ after application is initially filed.

Noon on the 30th day

6

State admin has ____ to initiate a hearing based on application

90 days

7

IAR registration remains effective until _____- on ________ in the year that it was filed.

midnight of December 31st

8

IARs have a net capital requirement. T/F

False

9

IAR post-registration requirements aren't many, but would include

- no breaking the law
- renew in a timely manner
- continuing education (state level rules)

10

Responsibility to file termination paperwork for an IAR falls on the _____, except when a _____ is federally covered, then the _____ is responsible to remind them.

IA, except when the IA is federally covered and then the IAR is required to remind them

11

Notice of Termination needs to be filed

promptly (immediately)

12

An IARs registration can be terminated or restricted for

- denial by admin
- recovation if public harm
- suspension for less serious infractions
- withdrawal (can use Form U-5 to withdraw, becomes effective 30 days after submission, still under jurisdiction for 1 year)
- restriction/limitation to certain setttings