Series63 Exam Dumps | In accordance with the National Securities Markets Improvement Act of 1996, which of the following is

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FINRA.Series63.v2023-12-18.q101
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Question 100/101

In accordance with the National Securities Markets Improvement Act of 1996, which of the following is a federal covered adviser and, therefore, exempt from registering with the state Administrator?
I. An adviser who does business in 26 states.
II. An adviser who manages the portfolio of a mutual fund that is registered with the SEC.
III. An adviser with $35 million in assets under management

A. All of the selections meet the qualifications of a federal covered adviser.

B. I and II only

C. II and III only

D. I and III only

Correct Answer: C

Explanation
The advisers described in Selections II and III are federal covered advisers and, therefore, exempt from registering with the state Administrator. An adviser who advises a registered investment company, as in Selection II, and an adviser with over $30 million in assets under management, as in Selection III are exempt.
In order to be exempt from registration, the adviser in Selection I would have to be doing business in more than 30 states.

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