Definition of an Investment Adviser Representative: Rapid Fire
Chapters in this video
- 0:00 The five functions that define an IAR
- 1:25 No free-standing registration: the hot dog trap
- 2:08 State-registered versus federal covered registration
- 3:42 The de minimis exemption and the number five
- 4:49 Form U4, consent to service, and the 30-day clock
- 5:41 Exam requirements and designation waivers
- 6:36 Termination notification duties and permitted to resign
- 7:16 Post-registration amendment duties and 30-day rule
- 7:58 Capital requirements and the firm-not-rep distinction
- 8:15 Denial, revocation, and the 15-day hearing calendar
- 8:54 Withdrawal timing and the one-year lookback
- 9:46 Rapid-fire exam recap
What this video covers
- Why a pure solicitor in a hot dog suit counts as an IAR, while a back-office clerk or fixed insurance-only employee does not
- The five specific functions that make someone an IAR and why no free-standing registration exists
- Where an IAR registers when the firm is state-registered versus federal covered, and why place of business drives the latter
- How the de minimis exemption works with its two required conditions: no place of business and five or fewer non-institutional clients
- Form U4 filing mechanics, effective date timing, annual December 31 expiration, and the irrevocable consent to service of process
- Which exam combinations qualify and which professional designations waive the entire requirement
- Post-registration amendment duties within 30 days and why capital, net worth, and bonding requirements never apply to the individual IAR
- The due process steps for denial or revocation, and why withdrawal does not escape the one-year lookback
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