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Investment advisers are required to register with both the state and the SEC, while broker-dealers may be registered with only one or the other.

Investment advisers must always be registered with the SEC to conduct business; broker-dealers may
be registered with either an individual state or the SEC or both.

Investment advisers are required either to be registered with a state or with the SEC, while broker-dealers must be registered both with the SEC and the state.

Both investment advisers and broker-dealers must be registered with the SEC and with the states in which they have offices.