Review the definitions, registration rules, federal covered adviser concepts, Form ADV, Form U4, and related framework tested on Series 65.
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The legal chapter begins with classification and registration because that is the framework the rest of adviser law sits on. Series 65 expects candidates to distinguish advisers from IARs, state-registered advisers from federal covered advisers, and the filing and maintenance rules that keep the advisory business properly registered.
The strongest exam habit is to classify the actor first. If the question does not clearly distinguish the adviser firm from the adviser representative, stop and do that before reading further.
Key Takeaways
Adviser and IAR are related but separate registration questions.
State versus federal covered status changes the analysis.
Form ADV and Form U4 belong to a broader registration-control framework.
Sample Exam Question
Why does Series 65 repeatedly separate adviser registration from IAR registration?
A. Because they are legally and operationally distinct issues that can create different obligations B. Because one of them no longer exists under state law C. Because representatives register only through SIPC D. Because firms never supervise representatives once registration is complete
Answer: A. Series 65 expects candidates to distinguish the advisory firm from the individual adviser representative and analyze each registration issue correctly.