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Section 1
Apply investment-adviser regulation
Preview
Preview: IV. Laws, Regulations, Guidelines, and Unethical Practices (45%)
Preview includes- 4 of 7 lesson topics
- 1 overview segment
- 3 core concepts
- 2 exam tips
Lesson Topics
- IA vs federal covered adviser
- Federal/state registration division
- Form ADV and IARD
- Notice filing
Overview
Determine first whether the firm is an investment adviser, a federal covered adviser, or excluded/exempt; that classification drives federal versus state registration and notice-filing obligations.
Core Concepts
- An investment adviser generally is a person or firm that, for compensation, is in the business of advising others about securities; statutory exclusions and exemptions matter.
- A federal covered adviser is generally an adviser registered with the SEC or excluded from state registration because federal law preempts state registration, while states may still require notice filings and fees where permitted.
- For advisers near the federal/state AUM boundary, SEC rules use a buffer: a state adviser may generally register with the SEC at $100 million of regulatory AUM, must generally register by $110 million, and an SEC adviser generally need not withdraw until below $90 million, subject to exceptions.
Exam Tips
- Start with the adviser classification, then regulator, then filing.
- Do not memorize '100 million = always SEC'; the buffer and exceptions matter.
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Section 2
Identify the client or customer type
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Section 3
Distinguish cash and cash equivalents
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Section 4
Apply investment-adviser-representative regulation
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Section 5
Build a complete client profile
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Section 6
Apply broker-dealer regulation
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Section 7
Apply time-value-of-money concepts
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Section 8
Apply broker-dealer-agent regulation
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Section 9
Apply capital-market theory
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Section 10
Evaluate fixed-income securities
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Section 11
Apply securities and issuer regulation
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Section 12
Select a portfolio-management approach
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Section 13
Apply remedies and administrative provisions
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Section 14
Distinguish types of equity securities
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Section 15
Apply client-communication rules
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Section 16
Consider taxes without inventing thresholds
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Section 17
Apply ethical and fiduciary obligations
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Section 18
Interpret descriptive statistics and risk measures
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Section 19
Distinguish retirement plans
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Section 20
Evaluate equity securities
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Section 21
Apply ERISA considerations
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Section 22
Distinguish special-purpose accounts
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Section 23
Apply equity-holder rights and restrictions
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Section 24
Apply ownership and estate-planning techniques
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Section 25
Use financial ratios
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Section 26
Apply trading terminology and market roles
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Section 27
Distinguish equity public offerings
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Section 28
Evaluate portfolio performance
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Section 29
Distinguish pooled-investment structures
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Section 30
Use valuation ratios
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Section 31
Compare pooled-investment characteristics
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Section 32
Apply futures and options characteristics
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Section 33
Evaluate alternative investments
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Section 34
Distinguish insurance-based products
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Section 35
Evaluate other assets
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