IAR vs. Agent Registration

What this video covers

• Why the statutory definition of each role hinges on who pays them: a broker-dealer (agent) or an investment adviser (IAR)
• How Form U4, tied registration, irrevocable consent to service of process, December 31 expiration, and 30-day withdrawal apply identically to both agents and IARs
• The qualifying exam split: Series 63 for agents versus Series 65 (or Series 66 plus Series 7 plus SIE) for IARs
• Why a current, good-standing professional designation waives the Series 65 for IARs but never waives the Series 63 for agents
• When the de minimis exemption shields an IAR with five or fewer non-institutional clients and no in-state office, and why agents rarely qualify for meaningful exemptions
• The federal covered adviser place-of-business rule: IARs register only where they have a physical office, not where clients reside, and why no parallel rule exists for agents
• How statutory grounds for denial, revocation, suspension, and cancellation are the exact same for both roles under the Uniform Securities Act (USA), a common exam trap