Under the Uniform Securities Act, which of the following statements is true regarding the registration of Investment Advisers (IAs) and Investment Adviser Representatives (IARs)?
1) IAs and IARs are not required to register with the state securities administrator.
2) IAs are required to register with the state securities administrator, but IARs are not.
3) Both IAs and IARs are required to register with the state securities administrator.
4) IARs are required to register with the state securities administrator, but IAs are not.
