Investment Adviser Registration Requirements
Chapters in this video
- 0:00 The registration trap and the four-step survival map
- 1:18 The institutional client exemption: unlimited giants
- 2:22 The de minimis exemption: five retail clients max
- 3:34 The broom closet gotcha: exemptions require zero offices
- 4:26 Form ADV parts and who receives each one
- 6:01 Consent to service of process: once, forever, always
- 6:37 Effectiveness clock: noon on the 30th day
- 7:47 Registration expiration on December 31, no exceptions
- 8:44 Successor registration without double fees
- 9:18 Rapid-fire exam recap
What this video covers
- Why both the institutional client exemption and the de minimis exemption die instantly the moment an adviser opens any place of business in the state
- Which client types qualify as institutional investors under the uniform securities act (USA), including the $1,000,000 asset floor for employee benefit plans
- How the de minimis exemption counts only non-institutional clients in the preceding 12-month period, and why institutional clients remain unlimited under either exemption
- What Form ADV contains, which parts go to the state administrator versus the client, and why part one never goes to a client
- Why the consent to service of process is filed once, is irrevocable, and survives termination of registration
- When registration becomes effective: noon on the 30th day after filing, and what resets that clock
- Why every registration, regardless of profession or filing date, expires on December 31 unless renewed, and how successor registration works for business structure changes
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