IACCP (QE) – 53 Questions And
Answers/ Verified and 100%
Correct/ 2023-2024
Which THREE persons or firms may be excluded from having to
register under the Investment Advisers Act of 1940? (Choose
three.)
A. Accountants whose advisory services pertain solely to
incidental financial planning.
B. Persons or firms whose advice and reports are related solely to
U.S. government securities.
C. Publishers of generally circulated, bona fide newspapers or
financial journals.
D. Domestic banks and bank holding companies. - -B. Persons or
firms whose advice and reports are related solely to U.S.
government securities.
C. Publishers of generally circulated, bona fide newspapers or
financial journals.
D. Domestic banks and bank holding companies.
-Which activity is NOT mandated for investment advisers that
store required records electronically?
A. Providing the SEC with prompt access, retrieval, and
reproduction.
B. Maintaining copies of all electronically stored records using
WORM format.
,C. Arranging and indexing records to provide easy access and
retrieval.
D. Developing procedures to preserve and maintain records. - -B.
Maintaining copies of all electronically stored records using WORM
format.
-The Investment Advisers Act of 1940 defines the scope of the
anti-fraud provisions as extending to:
A. SEC-registered advisers and foreign advisers with a place of
business in the U.S., whether registered or exempt.
B. SEC-registered advisers and foreign advisers doing business in
the U.S., whether registered or exempt.
C. SEC-registered investment advisers.
D. All investment advisers, whether registered or exempt. - -D.
All investment advisers, whether registered or exempt.
-The fiduciary duty imposed on advisers under the Investment
Advisers Act of 1940 can BEST be described as:
A. providing equal disclosure to all clients.
B. imposing an ERISA fiduciary standard.
C. putting the client's interests ahead of the adviser's.
D. acting in a custodial capacity. - -C. putting the client's
interests ahead of the adviser's.
-Which TWO qualify as a "security" under the Investment
Advisers Act of 1940? (Choose two.)
, A. Commodity futures
B. Limited partnership interests
C. Fixed annuities
D. Variable annuities - -B. Limited partnership interests
D. Variable annuities
-In performing due diligence on a potential solicitor, the
investment adviser must ensure that the solicitor:
A. is not subject to any statutory disqualification.
B. is not acting as a solicitor for an unregistered adviser.
C. has passed the Series 65 exam.
D. is registered in appropriate states. - -A. is not subject to any
statutory disqualification.
-An SEC-registered investment adviser is NOT required to
disclose "material" disciplinary information in its Form ADV Part 1
after:
A. 5 years
B. 10 years
C. 12 years
D. 15 years - -B. 10 years
Answers/ Verified and 100%
Correct/ 2023-2024
Which THREE persons or firms may be excluded from having to
register under the Investment Advisers Act of 1940? (Choose
three.)
A. Accountants whose advisory services pertain solely to
incidental financial planning.
B. Persons or firms whose advice and reports are related solely to
U.S. government securities.
C. Publishers of generally circulated, bona fide newspapers or
financial journals.
D. Domestic banks and bank holding companies. - -B. Persons or
firms whose advice and reports are related solely to U.S.
government securities.
C. Publishers of generally circulated, bona fide newspapers or
financial journals.
D. Domestic banks and bank holding companies.
-Which activity is NOT mandated for investment advisers that
store required records electronically?
A. Providing the SEC with prompt access, retrieval, and
reproduction.
B. Maintaining copies of all electronically stored records using
WORM format.
,C. Arranging and indexing records to provide easy access and
retrieval.
D. Developing procedures to preserve and maintain records. - -B.
Maintaining copies of all electronically stored records using WORM
format.
-The Investment Advisers Act of 1940 defines the scope of the
anti-fraud provisions as extending to:
A. SEC-registered advisers and foreign advisers with a place of
business in the U.S., whether registered or exempt.
B. SEC-registered advisers and foreign advisers doing business in
the U.S., whether registered or exempt.
C. SEC-registered investment advisers.
D. All investment advisers, whether registered or exempt. - -D.
All investment advisers, whether registered or exempt.
-The fiduciary duty imposed on advisers under the Investment
Advisers Act of 1940 can BEST be described as:
A. providing equal disclosure to all clients.
B. imposing an ERISA fiduciary standard.
C. putting the client's interests ahead of the adviser's.
D. acting in a custodial capacity. - -C. putting the client's
interests ahead of the adviser's.
-Which TWO qualify as a "security" under the Investment
Advisers Act of 1940? (Choose two.)
, A. Commodity futures
B. Limited partnership interests
C. Fixed annuities
D. Variable annuities - -B. Limited partnership interests
D. Variable annuities
-In performing due diligence on a potential solicitor, the
investment adviser must ensure that the solicitor:
A. is not subject to any statutory disqualification.
B. is not acting as a solicitor for an unregistered adviser.
C. has passed the Series 65 exam.
D. is registered in appropriate states. - -A. is not subject to any
statutory disqualification.
-An SEC-registered investment adviser is NOT required to
disclose "material" disciplinary information in its Form ADV Part 1
after:
A. 5 years
B. 10 years
C. 12 years
D. 15 years - -B. 10 years
