Review the definition, registration standards, and state-law treatment of investment adviser representatives tested on Series 63.
This chapter narrows the adviser discussion to the individual level. NASAA expects Series 63 candidates to recognize when a person is functioning as an investment adviser representative, what registration standards apply, and how that role differs from the broker-dealer agent path.
Read this chapter as a role-classification chapter. Decide what the person is doing, whether that conduct fits the IAR definition, and what state registration consequences flow from that classification.