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IACCP EXAM/28 QUESTIONS & ANSWERS
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IACCP EXAM/28 QUESTIONS & ANSWERS
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IACCP EXAM/28 QUESTIONS & ANSWERS4 elements of "investment advice" - -1. Advice about market trends
2. Advice in historical or data form
3. Advice about selecting an adviser
4. Advice about the pros and cons of securities vs. other investments
-What is the RAUM threshold for Registered Advisers? - -$150 million
-What is the RAUM range of a "Mid Sized adviser"? - -$25-100 million
-What two factors determine whether mid size advisers are required to
register? - -1. Mid size advisers have to register if the state where their
principal office is located does NOT require registration.
2. If they are registered in a state that is NOT subject to a Exam by the State
securities administrator.
-Define small adviser - -Advisers with $25 million or less in assets under
management
-3 reasons for small advisers to register with SEC - -1. principal state does
not require registration
2. state does not require any type of exam
-IARD Account - -All states that require registration of IAR's (RA's on CRD)
which can be done in a IARD account
-When is the deadline to amend form ADV? - -All firms that are registered
with the SEC on Jan 1st 2012 must amend their ADV by March 30th, 2012
-"buffer zone" to remain SEC registered - -If a firm has assets between $90 -
$110 million, then the firm is not required to switch their registration
-New rule on "private adviser exemption" - -an adviser with its principal
office and place of business in the U.S. is exempt from Advisers Act
registration under the Private Fund Adviser
Exemption if it: (1) acts solely as an adviser to one or more "Qualifying
Private Funds" and (2) manages private fund assets of less than $150 million
-Foreign Private Adviser Exemption - -Under Dodd-Frank Act, adviser will be
exempt if:
1. has no place of biz in the U.S.;
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