Series 65 Exam & Series 66 Exam - IAR Must Register in Which States? DEPENDS on their firm!
Whose your daddy? • Whose your Daddy? SEC? State? NEVER BOT... Working for a state registered investment adviser, Billy Joe must register in the state in which he maintains a place of business (MS) and any other state in which his clients exceed the de minimis limit of 5 (AL in this case). Working for a federal covered investment adviser, Bobby Ray needs to only register in those states in which he maintains a place of business, regardless of the number of clients. That means he is only required to register in MS.
