White and Associates is an investment adviser registered in the state of Kentucky and, as such, is meeting Kentucky's minimum net capital requirement for investment advisers. The firm recently registered with the state of Virginia and has opened an office there. Virginia has a significantly higher net capital requirement for its investment advisers. Which of the following statements is true?
A) According to the Uniform Securities Act, S. White will have to meet Virginia's higher requirement.
B) According to the Investment Advisers Act of 1940, S. White needs only to meet the net capital requirement of Kentucky.
C) According to the Securities Exchange Act of 1934, S. White needs to meet at least the minimum net capital requirement specified by that Act since it is now operating in multiple states.
D) According to the Investment Advisers Act of 1940, S. White will have to maintain a minimum net capital equal to the average of the net capital requirements of the two states.
Correct Answer:
Verified
Q88: After passing the necessary exams, you must
Q89: Bootstraps, Inc. is a family-owned business that
Q90: Skip is a registered agent with state.
Q91: The net worth of a broker-dealer has
Q92: Barring no irregularities (such as a license
Q94: Which of the following statements is false?
A)A
Q95: Which of the following entities are subject
Q96: Fly-By-Night Investment Advisers has closed its doors.
Q97: You have passed the necessary exams (congratulations!)
Q98: To continue operating as an agent, broker-dealer,
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents