Series 65: 8.8.3.1 Registration Exceptions

8.8.3.1  Registration Exceptions

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

Note: An investment adviser is responsible for supervisi