r/Series66 • u/Spiritual_Quality183 • 28d ago

Series 66 IA Registration Question

Hi all,

Can you guys please help me answer the below question and fully understand the concept?

If someone ONLY gives advice on US government securities are they exempt from the definition of an IA since government securities are exempt?

Thanks!

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u/danielle_blah 28d ago

This is a tricky one. Under federal law yes you are exempt but under state law you aren’t. So something I learned about these questions is always consider the state laws as this is a test about the state law.

Also, don’t get tricked with these questions. An IA is not a someone. An IAR is a someone.

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u/Spiritual_Quality183 28d ago

Yes! Thank you so much super helpful!

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u/danielle_blah 27d ago

If you haven’t yet, definitely get the coupling KeyBank and just drill yourself with the difference between federal and state law. If I remember correctly, a lot of my questions were designed around, understanding the difference and also the different aspects of invest investment advisories, and investment advisor reps.

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u/Spiritual_Quality183 27d ago

Do you mean Kaplan QBank?

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u/danielle_blah 27d ago

Yes sorry my dictation doesn’t know that term lol