Series 66 Exam Prep - Pass Perfect - All Chapters Answered Correctly!!!
1. An IA with over $ million in $110 million or more
AUM is required to register with the
SEC/Fed.
2. What AUM $ amount would typical- Under $100 million AUM
ly require an IA to register with the
state? (minus exceptions)
3. An IA with $ million AUM can $100-$110
choose who to register with be-
tween the state or the SEC/Fed.
4. An IA with less than $ million $110
AUM who exclusively advises regis-
tered investment companies is ex-
empt from Federal registration.
5. Who would an IA with less than $110 They must register with the SEC and are considered
million AUM who acts as a pension a Federal Covered Advisor
consultant to a plan that holds less
than $200 million register with?
6. An IA with less than $110 million the SEC and is considered a Federal Covered Advisor
AUM who shares an office with an (FCA)
SEC registered advisor must register
with ...
7. Who would an IA with less than $110 The SEC as they are considered a Federal Covered
million AUM who has a principal of- Advisor (FCA)
fice outside the US register with?
8. Is an IA with between $25-$100 No. IA's to business development companies are ex-
million in AUM who manages a empt from Federal registration.
, Series 66 Exam Prep - Pass Perfect - All Chapters Answered Correctly!!!
business development company re-
quired to register with the SEC?
9. An IA with between $25-$100 million 15
AUM who has to register in or
more states can choose to register
with the SEC or the state.
10. An IA with between and $25-$100 million AUM, 120 days
million AUM who expects to be eli-
gible within days can choose to
register with the SEC or the state.
11. An internet IA with between $25-$100 million AUM, less than 15 in person clients
and million AUM with less than
in person clients can choose to
register with the SEC or the state.
12. True or False: A Federal Covered Ad- False. Notice filing NOT required for FCA's with no
visor with no place of business in place of business in the state AND all institutional
the state and all institutional clients clients.
must still file notice with the state it
is doing business in.
13. A Federal Covered Advisor with less 5
than clients in state is NOT re-
quired to file notice with that state,
regardless of whether they have an
office in state.
14. If an Investment Advisor's only SEC/Fed
clients are insurance companies,
, Series 66 Exam Prep - Pass Perfect - All Chapters Answered Correctly!!!
they are not required to register with
the , regardless of AUM.
15. If an Investment Advisor's only SEC/Fed
clients are Charities, they are not re-
quired to register with the , re-
gardless of AUM.
16. If an Investment Advisor's only SEC/Fed
clients are Private Funds or Venture
Capital Funds, they are not required
to register with the , regardless
of AUM.
17. If an Investment Advisor's only The SEC
clients are small business invest-
ment companies, they are not re-
quired to register with .
18. True or False: If a foreign Investment True
Advisor does not have a place of
business in the US, they are not re-
quired to register with the SEC.
19. What is included in Part 1 of form General info about the advisor including nature of
ADV? business, principal's names, location, services, cus-
tody of assets, location of books/records, disciplinary
action history
20. What is included in Part 2A and 2B of The brochure and brochure supplement
form ADV?
21.
1. An IA with over $ million in $110 million or more
AUM is required to register with the
SEC/Fed.
2. What AUM $ amount would typical- Under $100 million AUM
ly require an IA to register with the
state? (minus exceptions)
3. An IA with $ million AUM can $100-$110
choose who to register with be-
tween the state or the SEC/Fed.
4. An IA with less than $ million $110
AUM who exclusively advises regis-
tered investment companies is ex-
empt from Federal registration.
5. Who would an IA with less than $110 They must register with the SEC and are considered
million AUM who acts as a pension a Federal Covered Advisor
consultant to a plan that holds less
than $200 million register with?
6. An IA with less than $110 million the SEC and is considered a Federal Covered Advisor
AUM who shares an office with an (FCA)
SEC registered advisor must register
with ...
7. Who would an IA with less than $110 The SEC as they are considered a Federal Covered
million AUM who has a principal of- Advisor (FCA)
fice outside the US register with?
8. Is an IA with between $25-$100 No. IA's to business development companies are ex-
million in AUM who manages a empt from Federal registration.
, Series 66 Exam Prep - Pass Perfect - All Chapters Answered Correctly!!!
business development company re-
quired to register with the SEC?
9. An IA with between $25-$100 million 15
AUM who has to register in or
more states can choose to register
with the SEC or the state.
10. An IA with between and $25-$100 million AUM, 120 days
million AUM who expects to be eli-
gible within days can choose to
register with the SEC or the state.
11. An internet IA with between $25-$100 million AUM, less than 15 in person clients
and million AUM with less than
in person clients can choose to
register with the SEC or the state.
12. True or False: A Federal Covered Ad- False. Notice filing NOT required for FCA's with no
visor with no place of business in place of business in the state AND all institutional
the state and all institutional clients clients.
must still file notice with the state it
is doing business in.
13. A Federal Covered Advisor with less 5
than clients in state is NOT re-
quired to file notice with that state,
regardless of whether they have an
office in state.
14. If an Investment Advisor's only SEC/Fed
clients are insurance companies,
, Series 66 Exam Prep - Pass Perfect - All Chapters Answered Correctly!!!
they are not required to register with
the , regardless of AUM.
15. If an Investment Advisor's only SEC/Fed
clients are Charities, they are not re-
quired to register with the , re-
gardless of AUM.
16. If an Investment Advisor's only SEC/Fed
clients are Private Funds or Venture
Capital Funds, they are not required
to register with the , regardless
of AUM.
17. If an Investment Advisor's only The SEC
clients are small business invest-
ment companies, they are not re-
quired to register with .
18. True or False: If a foreign Investment True
Advisor does not have a place of
business in the US, they are not re-
quired to register with the SEC.
19. What is included in Part 1 of form General info about the advisor including nature of
ADV? business, principal's names, location, services, cus-
tody of assets, location of books/records, disciplinary
action history
20. What is included in Part 2A and 2B of The brochure and brochure supplement
form ADV?
21.
