series 63 registration
An Investment Adviser falls below the minimum net capital required by the State on Monday. The IA must file a report with the Administrator no later than: A. Tuesday of that week B. Wednesday of that week C. Thursday of that week D. 10 business days after the event
A
An Investment Adviser falls below the minimum net capital required by the State on Monday. The IA must notify the Administrator no later than: A. Tuesday of that week B. Wednesday of that week C. Thursday of that week D. 10 business days after the event
A
If a representative that transacts business in a State terminates employment with a federal covered adviser: A. the representative must notify the Administrator promptly B. the federal covered adviser must notify the Administrator promptly C. both the representative and the federal covered adviser must notify the Administrator promptly D. both the representative and the federal covered adviser must notify the Administrator within 30 days
A
Which one of the following items would be included in the computation of an investment adviser's net capital? A. Sofa in the investment adviser's office B. Business reputation (goodwill) of the investment adviser C. Copyright held by the investment adviser for a finance book D. Franchise right held by the investment adviser
A
Which statement is TRUE regarding the State Administrator's authority to establish net capital standards for broker-dealers? A. The Administrator can only establish Net Capital standards that are the same as those set by the SEC B. The Administrator cannot establish Net Capital standards for broker-dealers C. The Administrator has the power to set Net Capital standards if it is in the public interest D. The Administrator can neither establish nor enforce Net Capital requirements for broker-dealers
A
An Investment Adviser falls below the minimum net capital required by the State on Monday. The IA must file a report with the Administrator no later than: A. Tuesday of that week B. Wednesday of that week C. Thursday of that week D. 10 business days after the event
B
If an agent withdraws his or her registration, the withdrawal does not become effective for how many days? A. 1 day B. 30 days C. 60 days D. 90 days
B
Under Uniform State Law, an agent is permitted to sell securities for more than 1 broker-dealer: A. only if the types of securities offered by each broker-dealer are mutually exclusive B. only if the agent is separately registered with each broker-dealer C. only if one broker-dealer solely offers exempt securities and the other broker-dealer solely offers non-exempt securities D. under no circumstances
B
Which of the following MUST notify the Administrator if an agent of a broker-dealer is terminated? I Agent II Ex-employer III FINRA A. I only B. II only C. I and II D. I, II, III
C
Which individual is defined as an agent under the Uniform Securities Act? A. An individual representing a broker-dealer who takes phone messages from clients that wish to purchase or sell listed stocks B. An individual representing a broker-dealer who takes unsolicited orders for partnership units C. An individual representing an investment adviser who provides advice to clients about investing in securities D. An individual who works for an issuer selling that issuer's stock to the issuer's employees
B.
State "blue sky" laws provide for: I Registration of broker-dealers II Registration of agents III Registration of investment advisers IV Registration of issuers A. I and II only B. III and IV only C. I, II, III D. I, II, III, IV
C
A broker-dealer registered in States A and B has an agent that is registered in State A. The agent takes an unsolicited order from a customer in State B. The agent will have to register in State B if: A. this is an existing customer who resides in State A but is temporarily vacationing in State B B. the customer is the issuer of the securities involved in the transaction C. this is an isolated transaction D. the customer is an accredited investor
D
All of the following may be required by the Administrator to be licensed as a broker-dealer EXCEPT: A. Minimum Net Capital B. Minimum Surety Bond Coverage C. Minimum Competency As Demonstrated By Passing An Examination D. Minimum Time Periods Of Securities Business Experience
D
NASAA has the power to set record retention rules for a Federal Covered Adviser that cover which of the following records? I Communications to 2 or more persons II E-mails to clients III Trial balances IV General ledger A. I and II only B. III and IV only C. I and IV only D. None of the above
D
The Administrator can require the posting of a surety bond by: A. Agents only B. Broker-Dealers only C. Investment Advisers only D. All of the above
D
Which statement about the posting of a surety bond as a condition of a broker-dealer's registration in a State is TRUE? A. A surety bond is not required if the broker-dealer does not take custody of client funds or securities B. A surety bond is not required if the broker-dealer is registered in at least 5 other States C. A surety bond is not required if the broker-dealer has been in business for at least 10 years in another State D. A surety bond is not required if the broker-dealer has net capital that is more than the surety bond amount
D
A person who renders advice on fixed annuities for a fee; and who then sells the annuities, charging a commission, must register as a(n): I investment adviser in that State II broker-dealer in that State III agent in that State A. I only B. I and II C. I and III D. None of the above
d
Under the Uniform Securities Act, the registration of an agent may be denied, suspended or revoked if the: I application contains false statements; or omits required information II applicant has been arrested for a securities related matter III applicant has been charged by the Securities and Exchange Commission with a securities felony A. I only B. II and III only C. I and III only D. I, II, III
A
Which of the following individuals would be defined as an agent under the Uniform Securities Act? I An insurance salesperson who sells variable annuities to customers II A sales assistant at a broker-dealer who only accepts unsolicited orders III A salaried employee of an issuer that handles the sale of the issuer's securities to its employees through the issuer's ESOP IV A Chief Financial Officer of the issuer that negotiates with an investment banker to set the terms of an additional share offering
A
Who would NOT have to file a U-4 registration application as an Investment Adviser Representative with the State? A. A director of the investment advisory firm who does not have any sales responsibility B. An outside contractor who is retained by the investment advisory firm to find new clients C. An employee of the investment advisory firm who solely solicits potential clients in the State where the advisory firm has its principal office D. An employee of the investment advisory firm who solely solicits potential clients in States other than the State where the advisory firm has its principal office
A
Under the Uniform Securities Act, which statements are TRUE about an agent's registration? I Once an agent is registered in one State, that agent is registered in all 50 States II Once an agent has filed a registration application in a State, it is effective within 10 days of application III Unless the State adopts another rule, registration expires on December 31st of each year IV If an agent terminates employment with a broker-dealer, the agent's registration is terminated A. I and II only B. III and IV only C. II, III, IV D. I, II, III, IV
B
Examinations given by the Administrator can be: A. written only B. oral only C. both of the above D. neither of the above
C
Which of the following may be required to be filed with the Administrator? I Advertising II Sales Literature III Circulars IV Customer Complaints
C
Under the Uniform Securities Act, posting of cash in lieu of meeting the surety bond requirement is permitted for all of the following EXCEPT: A. Agent registration B. Broker-dealer registration C. Investment adviser registration D. Security registration
D
Which of the following statements are TRUE? I The Administrator may suspend or revoke a registration for the sole reason that it is "in the public good" II If a broker-dealer registration is suspended, the agent's license is suspended III If an agent's license is suspended, the broker-dealer's license is suspended IV Broker-dealers, but not agents, may have their registration revoked for failing to supervise subordinates A. I and II only B. I and IV only C. II and III only D. II and IV only
D
The registration of a broker-dealer may be revoked for all of the following reasons EXCEPT the firm: A. effects short sales in non-exempt securities B. does not maintain required records C. does not file financial reports with the Administrator D. does not file advertising with the Administrator
A
Under the Uniform Securities Act, which of the following are defined as federal covered investment advisers? I Investment advisers managing assets of $100,000,000 or more II Investment advisers to investment companies registered under the Investment Company Act of 1940 III Investment advisers to insurance companies A. I only B. I and II C. II and III D. I, II, III
B
Under the Uniform Securities Act, which of the following individuals must file a registration application as an agent of a broker-dealer? I A person who only accepts orders from customers II A person who only trades securities for the firm's trading account III A person who is a silent partner in the broker-dealer IV A person who is a partner, officer, or director of a broker-dealer A. I only B. I and II only C. III and IV only D. I, II, III, IV
B
Under the Uniform Securities Act, which statement is TRUE about registration as an agent for a broker-dealer? A. An unregistered agent can solicit business in a State once the agent's broker-dealer has been registered in that State B. A registered agent can only sell securities that are registered in that State or that are exempt from registration C. If an agent is not registered in a State, the agent may sell exempt securities in that State D. If a registered agent leaves the broker-dealer, only the broker-dealer is obligated to notify the Administrator of the change
B
Under the Uniform Securities Act, which statements are TRUE about an agent's registration? I Once an agent is registered in one State, that agent is registered in all 50 States II Once an agent has filed a registration application in a State, it is effective within 10 days of application III Unless the State adopts another rule, registration expires on December 31st of each year IV If an agent terminates employment with a broker-dealer, the agent's registration is terminated
B
A broker-dealer headquartered in Florida has a Net Capital requirement of $50,000. The firm has an office in Georgia, where the Net Capital requirement is $25,000 and an office in Tennessee where the Net Capital requirement is $35,000. Under Uniform State Law, the Net Capital requirement for this broker-dealer is: A. $25,000 B. $35,000 C. $50,000 D. $110,000
C
A person makes an initial application for State registration on April 30th. Which statement is TRUE regarding the filing fee? A. The fee will be pro-rated and only 4/12ths of the annual fee must be paid B. The fee will be pro-rated and only 8/12ths of the annual fee must be paid C. The annual fee is not pro-rated and the full year filing fee must be paid D. No filing fee is due until the annual December 31st ren
C
All of the following persons are defined as federal covered advisers EXCEPT: A. advisers with $100,000,000 or more of assets under management B. advisers to investment companies C. advisers to sophisticated investors D. advisers not subject to State regulation
C
An investment adviser with $110 million under management has its main office in New York and a branch office in Connecticut. Which statement is TRUE? A. The investment adviser must register in the State of New York only B. The investment adviser must register in both the State of New York and the State of Connecticut C. The investment adviser must register with the SEC only D. The investment adviser must register in both the State of New York and State of Connecticut and must register with the SEC
C
If an investment adviser finds that its Net Capital is below the minimum requirement, it MUST: I give immediate electronic notice to the Administrator II give notice to the Administrator no later than the next business day III file a report of financial condition with the Administrator no later than the day after notice is given IV file a report of financial condition with the Administrator no later than 10 business days after notice is given A. I and III B. I and IV C. II and III D. II and IV
C
Registered Investment Adviser with 25 clients in State A is expanding its operations to States B, C, and D. It currently has 6 clients in State B, but has not opened an office in that State. It currently has 3 clients in State C, where a small office has been opened. It has 5 clients in State D, and is considering opening an office there. In which States is the RIA required to register? A. State A only B. States B and C only C. States A, B, and C D. States A, B, C and D
C
Under the Uniform Securities Act, if an agent withdraws his or her registration, the withdrawal becomes effective: A. immediately B. after 10 days C. after 30 days D. only when the Administrator so allows
C
Under the Uniform Securities Act, the annual renewal of an agent's registration must occur: A. within 15 days after the agent's initial 12-month registration date B. within 15 days of January 1st C. no later than December 31st D. on January 1st
C
Which of the following are generally required to be included in the State registration application of a broker-dealer or investment adviser? I Consent to service of process II Business history of applicant III Fingerprints of the officers IV Books and records of the broker-dealer used by the applicant A. I and II only B. III and IV only C. I, II, III D. I, II, III, IV
C
Which statement is TRUE? A. All securities sold through a broker-dealer in a State must be registered in the state B. An agent may maintain his registration without being affiliated with a broker-dealer C. An agent's registration can never be revoked without an opportunity for a hearing D. A broker-dealer cannot also be registered as an investment adviser at the same time
C
A broker-dealer that has a place of business in State A would be required to register in State A if it: I sold securities to customers in State A II made an offer to sell securities to customers in State A III effects securities transactions solely with institutional investors in State A IV effects securities transactions solely with issuers in State A A. I and II only B. III and IV only C. I, II, III D. I, II, III, IV
D
A company offers a salary reduction defined contribution plan to its employees that adheres to ERISA Rule 404(c). It is administered by the firm's Human Resources (HR) department. The individual in HR who oversees enrollment of employees in the plan receives a bonus for any employees that purchase the company's stock in the plan. This employee is: A. defined as an agent who must register in the State B. defined as an issuer who must register in the State C. not defined as an agent and is not required to register in the State D. not defined as an issuer and is not required to register in the State
D
An agent moves from one broker-dealer to another. Notification of the change of employer must be made by the: A. agent only B. agent and new broker-dealer C. old broker-dealer and new broker-dealer D. agent, old broker-dealer and new broker-dealer
D
An associated person is an agent of a broker-dealer registered in State A. The agent quits and goes to work for a broker-dealer located in State B. Which is NOT responsible for notifying the appropriate State Administrator? A. The broker-dealer in State A B. The agent C. The broker-dealer in State B D. The administrator of State B
D
An investment adviser that is a sole proprietor finds that its net worth (net capital) has fallen below the minimum requirement. What asset can an owner of the advisory firm contribute to bring the net worth back above the minimum requirement? A. A copyright on a book owned by the individual B. A couch from the owner's home C. An automobile owned by the individual D. A mutual fund position owned by the individual The best answer is D.
D
If a representative that transacts business in a State terminates employment with an investment adviser, notice must be given to the Administrator by the: A. Investment Adviser only B. Investment Adviser Representative only C. both the Investment Adviser and the Investment Adviser Representative D. Investment Adviser, but if the representative learns that the adviser has not given notice, the representative must do so
D
If an agent changes his place of employment from one broker-dealer to another broker-dealer, the State Administrator MUST be notified by the: I Former Employer II New Employer III Agent A. I only B. II only C. III only D. I, II, III
D
Under the Uniform Securities Act, which methods of storage are permitted to retain required records? I Microfilm II Microfiche III Digital Storage IV Computer Tapes A. I and II B. III and IV C. II, III, IV D. I, II, III, IV
D
Under the Uniform Securities Act, which of the following are EXCLUDED from the definition of an investment adviser? I Teacher II Engineer III Lawyer IV Accountant A. I and II only B. III and IV only C. II, III, IV D. I, II, III, IV
D
Which statements are TRUE about State registration of solicitors for investment advisers? I Officers of investment advisers that solicit advisory business in the State must be registered in the State II Employees of investment advisers that solicit advisory business in the State must be registered in the State III Independent contractors that solicit advisory business in the State must be registered in the State IV Non-affiliated persons that solicit advisory business in the State must be registered in the State A. I and II only B. III and IV only C. I, II, III D. I, II, III, IV
D
Which statements are TRUE regarding the post-registration requirements of the Uniform Securities Act? I Agents of broker-dealers are subject to post-registration requirements II Agents of broker-dealers are not subject to post-registration requirements III Agents of investment advisers are subject to post-registration requirements IV Agents of investment advisers are not subject to post-registration requirements A. I and III B. I and IV C. II and III D. II and IV
D
