Investment adviser law and ethics vocabulary tested on the Series 65 exam.
45 cards · basic cards · AI-written, checked twice. Edit anything.
- NASAA
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North American Securities Administrators Association- What is the Uniform Securities Act?
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A model law adopted, with modifications, by states to regulate securities activity within that state- Under the Uniform Securities Act, who is the 'Administrator'?
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The state official or agency responsible for administering and enforcing the state's securities law- Under state law, what is an 'investment adviser'?
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A person who, for compensation, engages in the business of advising others on the value of securities or the advisability of investing in securities- IAR
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Investment Adviser Representative- What is the de minimis exemption for investment adviser state registration?
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An adviser with no place of business in a state and fewer than 6 retail clients there in the preceding 12 months is exempt from registering in that state- At what AUM level does an adviser generally register with the SEC instead of the states?
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$100 million or more in assets under management- What is the AUM range for a mid-size adviser that generally registers at the state level?
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Between $25 million and $100 million- What AUM threshold generally requires state (not SEC) registration for a smaller adviser?
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Less than $25 million in assets under management- AUM
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Assets Under Management- What information does Form ADV Part 1 contain?
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Structured business, ownership, and disciplinary information filed electronically, used by regulators- What is Form ADV Part 2 commonly called, and what does it contain?
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The 'brochure'; a plain-English narrative describing the adviser's services, fees, and conflicts of interest- IARD
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Investment Adviser Registration Depository- When must an adviser deliver its brochure to a client under the Brochure Rule?
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Before or at the time of entering into an advisory contract- If a brochure is delivered less than 48 hours before the advisory contract is signed, what right does the client have?
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The right to terminate the contract without penalty within 5 business days
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