IAR vs. Agent Registration

What this video covers

• Why Form U4, tied registration, irrevocable consent to service of process, December 31 expiration, 30-day withdrawal, and statutory denial grounds are identical for both agents and investment adviser representatives (IARs)
• Why the exam loves to trap you into thinking agents and IARs face different statutory grounds for revocation, suspension, or cancellation
• The exact qualifying exam combinations for IARs: Series 65 alone, or Series 66 plus Series 7 plus SIE, versus the Series 63 lock for agents with no waiver path
• How a qualifying professional designation, current and in good standing, waives the entire exam requirement for IARs but does nothing for agents
• Why agents have zero de minimis exemption (one transaction equals full registration) while IARs can claim the five-or-fewer non-institutional client exemption with no in-state office
• The place-of-business rule for federal covered advisers: IARs register only where they have a physical office, while no federal covered broker-dealer equivalent exists for agents
• Who must notify the Administrator on termination: both agent and firm (three parties on a move between firms) versus exactly one party for IARs, with the duty flipping based on whether the adviser is state-registered (firm notifies) or federal covered (IAR notifies)