AAMS Module 10: Fiduciary, Ethical, and Regulatory Issues for Advisers Questions and Answers (100% Pass)
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AAMS Module 10: Fiduciary, Ethical,
and Regulatory Issues for Advisers
Questions and Answers (100% Pass)
The Securities Act of 1933 - Answer️️ -"Truth in Securities" law; applies
to newly issued securities. There is registration of securities with the SEC
by issuing a registrations stateme...
AAMS Module 10: Fiduciary, Ethical,
and Regulatory Issues for Advisers
Questions and Answers (100% Pass)
The Securities Act of 1933 - Answer✔️✔️-"Truth in Securities" law; applies
to newly issued securities. There is registration of securities with the SEC
by issuing a registrations statement with full disclosure of the material facts
about the securities that are on offer.
All new issues are accompanies by a prospectus. Contains a list of directors
and offices, stockholdings, stock options, and salaries. There's also a
description of the company, the securities, and the financial statements. All
reasonable information for an investor is included here, as well as an anti-
fraud provision.
Not all issues require registration, however. Limited size, private offerings,
intrastate offerings, local, state, and federal government offerings, are
exempt from these registration requirements.
The Securities Exchange Act of 1934 - Answer✔️✔️-Creation of the SEC. This
act forbids market manipulation, misrepresentation of facts, fraudulent
practices, and deception. SEC is the enforcer that deals with OTC and
exchanges. It requires most BDs, transfer agents, clearing houses, SROs,
and exchanges to register with the SEC. You must file an annual 10-K to
send to your shareholders.
Trading activities are monitored now, as well as insiders. This act also gave
the Federal Reserve Board of Governors responsibility for setting margin
requirements when buying securities.
Securities and Exchange Commission (SEC) - Answer✔️✔️-The agency of the
U.S. government that oversees U.S. financial markets and accounting
standard-setting bodies. It may amend existing rules, propose new ones,
and enforces authority that violate laws.
Investment Advisers Act of 1940 - Answer✔️✔️-The Investment Advisers
Act of 1940 wrote into law the fiduciary duty owed by investment advisers
to their clients. This act requires investment advisers to register with the
SEC by filing Form ADV. It also contains certain prohibitions regarding
advertising practices and certain requirements for disclosure. Currently,
investment advisers with over $100 million AUM register with the SEC,
and all other investment advisers register at the state level.
Investment Company Act of 1940 - Answer✔️✔️-The Investment Company
Act of 1940 subjects both the structure and the operations of mutual funds
to detailed regulation. Mutual funds belong to a class of investment
companies defined in the 1940 act as "management companies," which are
further classified as either diversified or nondiversified. The act also
requires mutual funds to maintain detailed books and records on the
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