IAR Registration Requirements

What this video covers

• Why there is no freestanding IAR registration and how tied registration makes an IAR's registration instantly inactive upon leaving the sponsoring firm
• The place of business rule for federal covered advisers versus the client-or-office rule for state-registered investment advisers (IAs), and why this distinction dominates exam questions
• Who must notify the state administrator of an IAR's termination: the firm for state-registered IAs, the individual IAR for federal covered advisers
• Form U-5 filing requirements, the strict 30-day deadline, and why "permitted to resign" is a separate disclosure category, not voluntary resignation
• The three-step de minimis exemption test and why any place of business in a state kills the exemption regardless of client count
• The 12-month lookback period and the five non-institutional client hard cap for maintaining de minimis status
• Why the Uniform Securities Act imposes zero personal bonding, net worth, or financial requirements on individual IARs even with full discretionary authority