Series 66 Quiz
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LAWS, REGULATIONS, AND GUIDELINES
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A state-registered investment adviser is offering interests in a private fund to a group of its existing clients. The adviser has identified 12 prospective purchasers in the state: 9 are natural persons (all accredited investors with a net worth over $1 million excluding their primary residence) and 3 are entities that qualify as institutional buyers. The adviser has a reasonable basis to believe each purchaser is buying for investment, and no commission is paid to anyone for soliciting the natural-person purchasers. Under the Uniform Securities Act, which of the following is TRUE regarding the state-law private placement exemption?
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