Registration Requirements: Investment Adviser Representative Regulation

What this video covers

• Why individual IARs register at the state level, even when the investment adviser firm is a federal covered adviser regulated by the Securities and Exchange Commission (SEC)
• How the de minimis exemption applies only to IARs of state-registered advisers, and why it requires both no place of business and no more than five non-institutional clients in the preceding 12 months
• Why an office in the state or a sixth non-institutional client defeats the de minimis exemption
• How the Uniform Application for Securities Industry Registration or Transfer (Form U4) goes through the Investment Adviser Registration Depository (IARD), not the Central Registration Depository (CRD) or the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR)
• Why filing Form U4 automatically provides consent to service of process, making the state administrator the IAR's agent for receiving legal papers
• How the qualifying exam paths work: Series 65 within two years, or Series 66 and Series 7 within two years plus the Securities Industry Essentials (SIE) within four years
• Which five designations waive the qualifying exam, why the waiver does not waive registration, and why Chartered Investment Counselor (CIC) is not on the current list