Investment Adviser Regulation
Exam Weight: ~7 questions (5% of exam)
Understanding who qualifies as an investment adviser, how they register, and what obligations follow registration is essential for passing the Series 65 and practicing as an Investment Adviser Representative (IAR). This unit covers the full lifecycle from definition through ongoing compliance.
What You'll Learn
- Master the three-prong test, exclusions, exemptions, and the key distinctions between them
- Understand when federal covered advisers must notice file with states
- Navigate AUM thresholds, ERAs, Form ADV, books and records, and financial requirements
- Learn IAR definition, registration rules, supervision requirements, and solicitor arrangements