Form Adv (Paper Version) General Instructions Page 31
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3525. High Net Worth Individual: An individual who is a qualified client or who is a “qualified
purchaser” as defined in section 2(a)(51)(A) of the Investment Company Act of 1940. [Used
in: Part 1A, Item 5]
26. Home State: If your firm is registered with a state securities authority, your firm’s “home
state” is the state where it maintains its principal office and place of business. [Used in:
Part 1B, Instructions]
27. Impersonal Investment Advice: Investment advisory services that do not purport to meet
the objectives or needs of specific individuals or accounts. [Used in: Part 1A, Instructions;
Part 2A, Instructions; Part 2B, Instructions]
28. Independent Public Accountant: A public accountant that meets the standards of
independence described in rule 2-01(b) and (c) of Regulation S-X (17 CFR 210.2-01(b) and
(c)). [Used in: Part 1A, Item 9; Schedule D]
29. Interest Rate Derivative: Any derivative whose underlying asset is the obligation to pay or
the right to receive a given amount of money accruing interest at a given rate. Cross-
currency interest rate swaps should be included in foreign exchange derivatives and
excluded from interest rate derivatives. This information must be presented in terms of 10-
year bond equivalents. [Used in: Part 1A, Schedule D]
30. Investment Adviser Representative: Any of your firm’s supervised persons (except those
that provide only impersonal investment advice) is an investment adviser representative, if --
• the supervised person regularly solicits, meets with, or otherwise communicates with
your firm’s clients,
• the supervised person has more than five clients who are natural persons and not high
net worth individuals, and
• more than ten percent of the supervised person’s clients are natural persons and not high
net worth individuals.
NOTE: If your firm is registered with the state securities authorities and not the SEC,
your firm may be subject to a different state definition of “investment adviser
representative.” Investment adviser representatives of SEC-registered advisers may be
required to register in each state in which they have a place of business.
[Used in: General Instructions; Part 1A, Item 5; Part 2B, Item 1]
31. Investment-Related: Activities that pertain to securities, commodities, banking, insurance,
or real estate (including, but not limited to, acting as or being associated with an investment
adviser, broker-dealer, municipal securities dealer, government securities broker or dealer,
issuer, investment company, futures sponsor, bank, or savings association). [Used in: Part
31
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