Series 65 Uniform Investment Adviser Law
University of Georgia
Exam 2024 – 2025 SeriesGeorgia
Athens, 65 Uniform Investment
Advisor Law Exam with Verified Solution | 100%
SeriesPass
65 (Uniform Investment
Guaranteed Adviser A+
| Graded Law |Exam)
Series 65 Exam
Course Title and Number: Series 65 Exam
Exam Title: Series 65 Exam
Exam Date: Exam 2024- 2025
Instructor: [Insert Instructor’s Name]
Student Name: [Insert Student’s Name]
Student ID: [Insert Student ID]
Examination
180 minutes
Instructions:
1. Read each question carefully.
2. Answer all questions.
3. Use the provided answer sheet to mark your responses.
4. Ensure all answers are final before submitting the exam.
5. Please answer each question below and click Submit when you
have completed the Exam.
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automatically when the time expires
7. This is Exam which will assess your knowledge on the course
Learning Resources.
Good Luck!
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,Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
who must be registered in State? - Answer>> broker-
dealers, agents, investment advisers, and investment
adviser representatives
State Blue Sky laws - Answer>> state regulations are
designed to protect citizens against fraud by requiring
sellers of new issues to register their offerings and
provide financial details
National Securities Markets Improvement Act (NSMIA) -
Answer>> it eliminates duplicate registration on both
Federal and State level. If required on Fed level then
cannot be required in State.
federal law _______ state law in most cases - Answer>>
supersedes... especially in capital rules, customary
rules, margin rules, financial responsibility rules, and
record keeping rules
by the way this is all under the Uniform Securities Act -
Answer>> ...
"persons" are a legal entity under the Uniform
Securities Act a "person" can - Answer>> issue or trade
securities, a "person" is either a person can be human
or non human ( a corp can be a human)
Under the act persons are defined as: - Answer>>
person, corp, partnerships, business trusts, government
agency, estates, associations, trusts, incorporated
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,organizations (other than legal or commercial entities),
joint ventures or companies, and associations.
an "issuer" - Answer>> is anyone who issues or proposes
to issue a new security.
issuer for trusts (except for equipment) and Cds (all
have no board of directors) - Answer>> the issuer is
defined as the person performing the functions of
manager or depositor under the trust agreement.
in an equipment trust cert - Answer>> the issuer is the
person (company) the equipment is being leased too.
The trustee holds the title until the loan is repaid.
For Fractional Interests in Oil and Gas Programs, or
Mining Titles or Leases - Answer>> their is not
considered to be any issuer, forces anyone who wants
to register these securities in the State to use the most
difficult method - Registration by Qualification. The
easier method is not available for these securities
because they would have to be offered by a "non
issuer". The reasoning they are not allowed is because
their is a lot of fraud in the oil and gas programs.
an issuer transaction - Answer>> is when the issuer sells
or redeems securities for their benefit. If the action
involves a sale of a security it is known as a "primary"
transaction.
non issuer transaction - Answer>> a non issuer, first off,
is someone who isn't an issuer. A transaction is when
these non issuers sell the security again ( in a
secondary transaction) that does not directly benefit
the issuer
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, institutional buyer - Answer>> are "big boys" who can
watch out for themselves (banks, big companies,
pensions and profit sharing plans). Firms with no office
in the state that only deal with institutions are NOT
required to register.
broker dealer - Answer>> must register in the state, is an
individual or company that buys and sells securities for
its clients and for itself. Broker-dealers differ from plain-
vanilla brokers, which can only buy and sell for their
clients. They engage in the process of effecting security
transactions for others and/or in the process of trading
their own account (known as proprietary trading)
Agency capacity - Answer>> when a firm acts as a
middlemen they are acting in the agency capacity.
Same as acting like a broker.
Principal capacity - Answer>> when a firm trades out of
its own account it is acting like a principal. When acting
in this capacity the firm is also known as a dealer.
they need to register within the state because... -
Answer>> they are acting as both brokers and dealers
Mergers and Acquisitions Advisors - Answer>> the state
has interpreted that anyone who gives advice on
mergers and finders that look for companies to acquire
can be defined as engaging in securities transactions.
Finders can be defined as broker-dealers
some examples of people that aren't broker dealers -
Answer>> Agents, Issuers (except for when their actions
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