Uniform Securities Act correct answers model legislation from 1956
administrator correct answers office or agency that has the complete responsibility for administering the securities laws of that state; has jurisdiction over all security activities in the state
cease and desist correct answe...
Series 63 || with 100% Correct Answers.
Uniform Securities Act correct answers model legislation from 1956
administrator correct answers office or agency that has the complete responsibility for
administering the securities laws of that state; has jurisdiction over all security activities in the
state
cease and desist correct answers used by administrator whenever it appears any registered person
has engaged or is about to violate provisions of the USA. may be issued without prior hearing ;
only applies to registered persons not securities
stop order correct answers deny effectiveness of any registration statement. applies only to
securities
summary order/acting summarily correct answers acting without prior notice; can be used with
regard to registration of both persons and securities. must promptly nofiy all parties that it has
been entered, the reason, and within 15 days after the receipt of a written requestiuon a hearing
will be granted
final order correct answers no final order can be entered without prior notice, opportunity of
hearing, written findings of fact and conclusions of law
blue sky laws correct answers refers to state securities laws
person correct answers any individual, corporation, partnership, association, joint stock compny,
et cetera. very broad
excluded from person definition correct answers minors, deceased individuals, mentally
incompetent
broker dealer correct answers broker is anyone acting on behalf of others, dealers act on their
own behalf. BD
agent correct answers any individual, other than BD, who represents a BD or issuer in effecting
of purchasing or sale of securities
investment adviser correct answers who's compensation is in the business of advertising others
investment adviser representative correct answers any individual who represents a state
registered investment advisers. IAR
issuer correct answers issues or proposes any security
nonissuer correct answers means not directly or indirectly for benefit of the issuer. nonissuer
transaction is nonissuewr because issuer doesn't get the cash
, exempt security correct answers does not have to be registered in order to be sold
exempt transaction correct answers registaration with administrator and filing of advertising
material is not required in order for that transaction to take place
guaranteed correct answers guaranteed as to payment of principal, interest, or dividnds but NOT
capital gains
four classes of persons: correct answers BDs, agents (always individuals), investment advisers
(generally corporations/partnerships/legal persons), and investment adviser representatives
(always individuals)
place of business correct answers if a BD doesn't have a place of business in a state and only
transacts with other BDs in that statre, they do not need to register with that state's administrator
net finance requirements correct answers broker dealers who meet the SEC's net capital or
bonding requirements cannot be required to meet higher ones in any state in which they do
busieness
BD registration becomes effected correct answers `at noon on the 30th day after filing
BD's registration expires when correct answers on Dec 31 unless renewed
exempt transaction correct answers nonissuer transactions, transactions between issuers and
underwrtiers, transactions with financial institutions such as banks or trusts, insurance and
investment companies, and private placement
commission in exempt registration correct answers if an existing employee gets compensate dfor
selling offering then they need to register.
Canadian renewal applications correct answers December 1
three prongs correct answers provides investment advice, reports or analysis about securities; in
business of providing advice and analysis; and receives compensation for these services
LATE correct answers lawyers, accoutnants, teachers, and engineers whose investment advisory
services are solely incidental to their professional practices
AUM and registering correct answers small firms, less than 25mil, register with state; mid sized
from 25 - 100 generally with state; over 100 million then register with SEC but buffers at 110
and 90
investment advisers in state not registered correct answers if no office and have five or fewer
clients then no need to register; if they had transacted with other investment advisers, broker
dealers or insituttionsal investors there is no limit as long as there is no office in the state
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