Q:

Under the Uniform Securities Act, federal covered securities include those sold to qualified purchasers only. Qualified purchasers include:
a) Individuals with investments of at least $5,000,000 or investment managers with at least $30,000,000 under management
b) Individuals with investments of at least $5,000,000 or investment managers with at least $25,000,000 under management
c) Individuals with investments of at least $3,000,000 or investment managers with at least $25,000,000 under management
d) Individuals with investments of at least $2,500,000 or investment managers with at least $30,000,000 under management

A:
The correct answer is b.
Qualified purchasers are defined under the Uniform Securities Act as either a person who owns at least $5,000,000 of investments or an investment manager with at least $25,000,000 of investment assets under management.

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