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Methodology - Coggle Diagram

- - - - NO -> REGISTER
        
        UNLESS - Client test: Institutions, ICs, BDs, Other IAs, Federal covered advisers !! De Minimis Exemption (IA may have fewer than 6 retail clients)
        
        YES -> NO REGISTER
        
        Is the advice compensated?
        
        YES -> REGISTER
        
        NO -> NO REGISTER
        
        NO -> REGISTER
      - YES -> NO REGISTER
        
        Is the firm an exempt entity (mutual fund? bank?)
        
        Mutual fund is not an IA / Bank excluded from IA def / Individuals representing banks -> NO REGISTRATION
  - - - YES -> NO REGISTER
- - - - State-registered IA -> REGISTER (even if only institutional clients, no clients)
      - Federal-Covered IA?
        
        AND place of business in the state -> REGISTER
        
        No place of business in the state
        
        What is the IAR doing? (Giving investment advice, Managing accounts, Soliciting advisory clients, providing reports, Supervising any who do)
        
        YES -> REGISTER
        
        NO
        
        Work for a bank, publisher giving circular commentary -> NO REGISTER