Investment Adviser Representative Regulation

Exam Weight: ~5 questions (4% of exam)

This unit covers the definition of an investment adviser representative (IAR), including the five functions that trigger IAR status, the natural-persons-only rule, and the distinction between supervised persons and IARs. It also covers registration requirements, Form U4, reportable events, statutory disqualification, continuing education, Form U5 termination, and the IA-versus-IAR comparison.

What You'll Learn

• The definition of an IAR, the five functions that trigger IAR status, natural persons only, sole proprietors, supervised persons versus IARs, and the solicitor rule
• Registration authority and process, Form U4, reportable events, statutory disqualification, place of business, continuing education, Form U5 termination, changing firms, and the IA-versus-IAR comparison