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. IARs 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 five or fewer non-institutional clients in the state (the de minimis exemption).

Note: An investment adviser is responsible for supervising individuals who work for them as investment advi