Under the Uniform Securities Act, an investment adviser with its principal office in State X must register in State Y if it has:

Under the Uniform Securities Act, an

Multiple choice — select the best answer

AAny single client who is domiciled in State Y, regardless of the nature of their relationship
BAt least one advisory contract with a corporate client headquartered in State Y
CPlaced at least one trade execution through a broker-dealer licensed in State Y
DMore than the de minimis number of clients in State Y, as determined by each state's adoption of the USA

✓ Correct answer: D. More than the de minimis number of clients in State Y, as determined by each state's adoption of the USA Under the USA framework adopted by most states, an investment adviser must register in a state if it exceeds that state's de minimis client threshold (commonly more than five clients in a 12-month period), after which registration in that state is required regardless of whether the adviser has an office there.

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Topic: Uniform Securities Agent State Law

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Under the Uniform Securities Act, an investment adviser with its principal office in State X must register in State Y if it has:

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