Investment Adviser Regulation: Rapid Fire

What this video covers

• The three cumulative prongs of the ABC test, and why missing any single prong means a person is not an investment adviser (IA)
• How the compensation prong is satisfied by indirect economic benefits, including third-party referral fees that never touch the client
• The critical distinction between excluded persons (not an IA at all) and exempt persons (an IA who skips registration), with L.A.T.E. and the broker-dealer / publisher / bank exclusions as concrete examples
• Why the de minimis exemption dies the instant an adviser opens a place of business in a state, regardless of client count, and why only retail clients count toward the 5-or-fewer cap
• The AUM registration ladder, including the state-only under $25 million band, the mid-size $25 million to $100 million state-registration zone, the $100 million to $110 million eligibility window, and mandatory SEC registration at $110 million
• How the $90 million / $110 million buffer prevents regulatory ping-pong, and why mutual fund advisory contracts bypass the entire AUM test for federal covered status
• The notice-filing obligation for federal covered advisers, the 6-or-more client trigger, and why antifraud authority applies to everyone with no exceptions