TRICK QUESTIONS SERIES 65 || with Error-free Solutions.
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Module
TRICK SERIES 65
Institution
TRICK SERIES 65
Bank holding companies correct answers NOT exempt/BANKS ARE EXEMPT
10 business day period correct answers = 2 weeks.
client gives oral discretion
3 weeks pass since initial trade, no written authorization
IA cannot exercise discretion
even if not doing so would cause disastrous results
t...
TRICK QUESTIONS SERIES 65 || with Error-free
Solutions.
Bank holding companies correct answers NOT exempt/BANKS ARE EXEMPT
10 business day period correct answers = 2 weeks.
client gives oral discretion
3 weeks pass since initial trade, no written authorization
IA cannot exercise discretion
even if not doing so would cause disastrous results
time and price correct answers NOT discretionary
Broker/dealer, investment adviser correct answers can be a person or a firm, an investment
adviser can be employed by a B/D
variable annuities split commissions correct answers only if both are registered insurance and
securities
only in the same firm
NSMIA correct answers prevents states from requiring capitalization or record keeping greater
than SEC ACT of 1934
FINRA correct answers Financial Industry Regulatory Authority
broker dealer surety bond correct answers state cannot require this to be greater than SEC
not specified by SEC
BDs maintaining certain net capital: no surety bond
for investment advisers, USA requires 35K$
surety bond required correct answers for bd, IA or IAR with discretion or custody
financial inspections correct answers for IA and BD, not IAR
an agent must maintain sales records
A broker/dealer is defined as a person in the business of effectuating securities transactions for
its own account or the account of others. Those employed to open new accounts are defined as
agents. Those seeking to raise new capital are issuers, and a person who provides investment
advice is an investment adviser. correct answers BD transactions for own account and others
Agent open accounts
issuer raise new capital
IA investment advice
broker/dealer are banks, trust companies, and savings and loan associations.
BD correct answers excluded from definition of BD
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