Federal covered advisers are investment advisers that register with the SEC rather than with individual states. This video explains who qualifies for federal registration, how it affects state law requirements, and why the distinction matters in regulatory exams.

You’ll learn:

• The asset threshold and other criteria for SEC registration

• When federal registration is required vs. optional

• Exemptions from state registration and state notice filing rules

• The difference between federal covered and state-registered advisers

• Common exam questions testing registration scenarios

📘 Related Exams: Series 63, Series 65, Series 66
🧠 Skill Level: Intermediate
📈 Topics Covered: SEC registration, federal covered adviser rules, state exemptions