Series 66 Quiz
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LAWS, REGULATIONS, AND GUIDELINES
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An adviser relies on the federal private fund adviser exemption and manages one hedge fund that is a 3(c)(1) fund and is not a venture capital fund. The state has adopted the NASAA model rule on private fund advisers. Assume the adviser satisfies all other conditions of the NASAA model rule, including the required state exempt-reporting filings and fees, investor disclosure, and annual audited financial statements. The current qualified client thresholds are $1.4 million in assets under management with the adviser and $2.7 million in net worth, excluding the primary residence. The fund is considering four prospective investors.
Under the NASAA model rule, which prospective investor may the fund admit?
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