Under which condition must an investment adviser withdraw from SEC registration within 180 days?

• A. If assets under management exceed $100 million
• B. If assets under management are less than $60 million
• C. If assets under management are less than $90 million and the adviser is not eligible to register with the SEC
• D. If the adviser has any complaint

Answer: (C)

The essential idea is that SEC registration isn’t permanent for an adviser whose assets under management fall to a level where SEC registration is no longer appropriate and who cannot register with the state. When AUM drops below the threshold and the adviser isn’t eligible to register with the SEC, there’s a 180-day window to withdraw from SEC registration. This combination—being below the threshold and not eligible for SEC registration—triggers the deregistration deadline. The other conditions don’t fit: having AUM above the threshold keeps SEC registration in effect, a complaint alone doesn’t cause withdrawal, and being below a different amount without ineligibility doesn’t automatically require deregistration.