Here is a likely question on your Series 65 or 66 exam:
If an investment adviser is properly registered in State X, where it maintains its main office, and the adviser is also registered in State Y, what is true if the Administrator of State Y requires higher net capital than what is required in State X?
A. The Adviser must obtain a surety bond to cover State Y's requirement
B. State Y can not have a higher requirement than State X
C. The adviser does not need to comply with the higher requirement in State Y
D. The SEC must provide no-action relief to the adviser
EXPLANATION: you'll find this rule in the Investment Advisers Act of 1940, and it makes perfect sense. If the adviser is properly registered in State X and meets the state's financial requirements, the firm can not be forced to meet the other state's higher requirement. Similary, a state regulator can not tell a federal covered adviser that their net capital isn't high enough--that's the SEC's job.