Bashful, Mr

Bashful, Mr. Sleepy, Mr. Doc, Mr. Grumpy, Mr. Sneezy, and Mr. Happy are all employees of S. White Investment Advisers. Mr. Doc, Mr. Sneezy, and Mr. Happy give investment advice to the firm's clients and manage their portfolios. Mr. Sleepy greets clients and makes cold calls to solicit more business for the firm. Mr. Bashful performs general clerical services, such as filing. Mr. Grumpy is the office manager and is the direct supervisor of the other five employees. Which of S. White's employees must register as investment adviser representatives under the Investment Advisers Act of 1940?

A) only Mr. Grumpy
B) Mr. Grumpy, Mr. Doc, Mr. Sneezy, and Mr. Happy
C) Mr. Grumpy, Mr. Doc, Mr. Sneezy, Mr. Happy, and Mr. Sleepy
D) All of them must register as investment adviser representatives.

Correct Answer:

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