An adviser is registered with the SEC. Which of the following is true? I. The adviser may need to pay a state filing fee. II. The adviser may need to submit to the state all documents given to the SEC. III. If the adviser is registered with the SEC, then filing fees or forms with the state is not required. IV. The adviser is immune to sanctioning authority of the administrator.
I and II: Although federally covered advisers are not required to register with the state, the state may require advisers registered with the SEC to file with the state a copy of any documents filed with the SEC, file consent to service of process, and pay a state filing fee. Federally covered advisers are subject to the sanctioning authority of the state administrator.