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 and the distinction between the state definition and the narrower federal definition. It also covers registration requirements, qualification exams, the de minimis exemption, Form U4 amendments, reportable events, books and records, and continuing education.
What You'll Learn
- The definition of an IAR, the five functions that trigger IAR status, the state-versus-federal definition, and the place of business concept
- Registration authority and process, qualification exams, the de minimis exemption, Form U4 amendments, reportable events, books and records, and continuing education