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SIE Exam Practice Question 563

Question: 563

Investment advisers that have custody of client assets or require prepayment of advisory fees __________ or more in advance, and in excess of __________ for each client, must file an audited balance sheet with the SEC as of the end of the investment adviser's fiscal year.

Correct Answer: A

Explanation:

Investment advisers that have custody of client assets or require prepayment of advisory fees 6 months or more in advance, and in excess of $1,200 for each client, must file an audited balance sheet with the SEC as of the end of the investment adviser's fiscal year.

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