IACCP Actual Questions and Correct Answers
Q1
Section 201 (title) of Investment Advisers Act of 1940
Answer: Findings
Q2
Section 202 (title) of Investment Advisers Act of 1940
Answer: Definitions
Q3
Section 203 (title) of Investment Advisers Act of 1940
Answer: Registration
Q4
Section 203A (title) of Investment Advisers Act of 1940
Answer: State and Federal Responsibilities
Q5
Section 207 (title) of Investment Advisers Act of 1940
Answer: Material Misstatements
Q6
Section 208 (title) of Investment Advisers Act of 1940
Answer: General Prohibitions
Q7
Section 222 (title) of Investment Advisers Act of 1940
Answer: State Regulation of Investment Advisers
, Q8
Where in the 1940 Act is the definition of "Security"
Answer: Section 202(a)(18)
Q9
Where in the 1940 Act is the definition of "Supervised Person"
Answer: Section 202(a)(25)
Q10
Supervised Person definition (1940 Act)
Answer: 202(a)(25): Any partner, officer, director (or other person occupying a similar
status or performing similar functions), or employee of an investment adviser, or
other person who provides investment advice on behalf of the investment adviser and
is subject to the supervision and control of the investment adviser.
Q11
Private Fund Definition (1940 Act)
Answer: 202(a)(29): an issuer that would be an investment company, as defined in
section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3), but for section
3(c)(1) or 3(c)(7) of that Act.
Q12
Which three elements of the definition of "investment adviser" must be satisfied for a person or
firm to be covered by the Advisers Act? The person or firm must: (choose 3) receive
compensation. receive compensation that only consists of commissions. be engaged in the
regular business of providing advice to others. provide advice or issue reports or analyses
regarding securities.
Answer: A, C & D
Q13
Eligibility to Register with the SEC as an RIA: Form ADV, Part 1A (2.A.)
Answer: Large advisory firm Mid-sized advisory firm IA regulated or is required to be
regulated in the state in which it not subject to examination and maintains its
principal office and place of business (New York) Principal office and place of business
outside the United States IA (or sub-adviser) to a RIC or a BDC Pension consultant
Related adviser Newly formed adviser Multi-state adviser Internet adviser SEC order
exempting you from registration threshold
Q1
Section 201 (title) of Investment Advisers Act of 1940
Answer: Findings
Q2
Section 202 (title) of Investment Advisers Act of 1940
Answer: Definitions
Q3
Section 203 (title) of Investment Advisers Act of 1940
Answer: Registration
Q4
Section 203A (title) of Investment Advisers Act of 1940
Answer: State and Federal Responsibilities
Q5
Section 207 (title) of Investment Advisers Act of 1940
Answer: Material Misstatements
Q6
Section 208 (title) of Investment Advisers Act of 1940
Answer: General Prohibitions
Q7
Section 222 (title) of Investment Advisers Act of 1940
Answer: State Regulation of Investment Advisers
, Q8
Where in the 1940 Act is the definition of "Security"
Answer: Section 202(a)(18)
Q9
Where in the 1940 Act is the definition of "Supervised Person"
Answer: Section 202(a)(25)
Q10
Supervised Person definition (1940 Act)
Answer: 202(a)(25): Any partner, officer, director (or other person occupying a similar
status or performing similar functions), or employee of an investment adviser, or
other person who provides investment advice on behalf of the investment adviser and
is subject to the supervision and control of the investment adviser.
Q11
Private Fund Definition (1940 Act)
Answer: 202(a)(29): an issuer that would be an investment company, as defined in
section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3), but for section
3(c)(1) or 3(c)(7) of that Act.
Q12
Which three elements of the definition of "investment adviser" must be satisfied for a person or
firm to be covered by the Advisers Act? The person or firm must: (choose 3) receive
compensation. receive compensation that only consists of commissions. be engaged in the
regular business of providing advice to others. provide advice or issue reports or analyses
regarding securities.
Answer: A, C & D
Q13
Eligibility to Register with the SEC as an RIA: Form ADV, Part 1A (2.A.)
Answer: Large advisory firm Mid-sized advisory firm IA regulated or is required to be
regulated in the state in which it not subject to examination and maintains its
principal office and place of business (New York) Principal office and place of business
outside the United States IA (or sub-adviser) to a RIC or a BDC Pension consultant
Related adviser Newly formed adviser Multi-state adviser Internet adviser SEC order
exempting you from registration threshold
