What is an access person of an RIA?
An “access person” is any director, officer, or partner of an RIA, or any employee who: Has access to nonpublic information regarding clients’ securities transactions; Participates in making securities recommendations to clients; Has access to nonpublic securities recommendations; or.
Which investment advisor employee is defined as an access person?
Each person is defined as an “access person” under the SEC Investment Adviser Codes of Ethics Rule EXCEPT: A. any supervised person who has access to nonpublic information regarding any client’s purchase or sale of securities.
Which investment adviser employee is defined as an access person quizlet?
Under SEC rules, an “access person” employed by an investment adviser has access to: Ainvestment adviser accounting systems. Bnonpublic information on client transactions.
Who is a supervised person of an investment adviser?
(25) “Supervised person” means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the …
Who is a supervised person?
Supervised Person: Any of your officers, partners, directors (or other persons occupying a. similar status or performing similar functions), or employees, or any other person who. provides investment advice on your behalf and is subject to your supervision or control. [ Used.
Who would not be exempt from the definition of agent under the Uniform securities Act?
Excluded from the definition of “agent” are individuals who represent ISSUERS in trading exempt securities; clerical employees of broker-dealers with no sales function; and silent partners of broker-dealers (who have no active business role and don’t solicit).
Which of the following transactions would not be considered exempt under the securities Act of 1933?
Which of the following transactions would NOT be considered exempt under the Securities Act of 1933? With the exception of the public offering of investment company shares, all of the transactions listed are exempt from the Securities Act of 1933.
What is the definition of a qualified client?
Under current law, a client is considered a qualified client if (i) it has at least $1 million in assets under management with the applicable investment adviser immediately after the time of its initial investment (Assets-Under-Management Test) or (ii) the investment adviser reasonably believes, immediately prior to …
Can an individual be an RIA?
A quick Google search for RIA will reveal that many people misuse the term, instead referring to a professional designation for individuals who provide investment advice. An individual cannot be an RIA; however, the individual could have her own RIA firm.
Do you need a Series 7 to be an RIA?
But is it necessary, or allowed, for registered investment advisors (RIAs)? Passing the Series 7 exam alone will not qualify you to become an advisor working for an RIA. The relevant exam for prospective advisors is the Series 65 exam.
Who is an associated person of a broker dealer?
The Act defines an “associated person” of a broker-dealer as any partner, officer, director, branch manager, or employee of the broker-dealer, any person performing similar functions, or any person controlling, controlled by, or under common control with, the broker-dealer.
What is an exempt reporting adviser?
Exempt Reporting Advisers (“ERAs”) are investment advisers that are not required to register as an adviser with the U.S. Securities Exchange Commission (“SEC”) or state regulators, but must still pay fees and report public information via the IARD/FINRA system.
Which of the following persons are excluded from the definition of or exempt from registration as a broker-dealer under the Uniform Securities Act?
All of the following persons are excluded from the definition of a broker-dealer or are exempt from registration as a broker-dealer under the Uniform Securities Act, EXCEPT a firm: Correct Answer A. with an office in the State that effects trades exclusively with other broker-dealers.
Which of the following persons would be considered an agent according to the Uniform Securities Act?
Under the Uniform Securities Act, agent means any individual (other than a broker-dealer) who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities.