Series 65: Registration Exceptions

Registration Exceptions

The registration exceptions for investment adviser representatives are the same as for investment advisers. Investment adviser representatives do not have to register in a state if they do not have an office in the state and they have five or fewer non-institutional clients in the state (the de minimis exemption).

Individuals who fall into the above categories would not need to register as investment adviser representatives within a state.

• • Note: An investment adviser is responsible for supervising individuals who work for