Series 65 Uniform Investment Adviser Law
University of Georgia
Exam 2024 – 2025 Series
Athens, 65 Series 65 Uniform
Georgia
Securities Act Chapters Review Questions and
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Series 65 Exam
Course Title and Number: Series 65 Exam
Exam Title: Series 65 Exam
Exam Date: Exam 2024- 2025
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,Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
All records must be preserved for a period determined
by State Admin or Fed law (5 years for IAs) - Answer>>
In any disciplinary proceeding: - Answer>> where
denial/suspension/revocation of registration occur,
Admin is required to provide:
Federal Level law - Answer>> Investments Advisers Act
of 1940 by SEC
State level law - Answer>> Uniform Securities Act
by State Securities Administrators
State securities laws are based on the: - Answer>>
Uniform Securites Act
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,1. Minimize duplication of Federal and State registration
requirements
2. Prevents Fraud
(also known as blue sky laws)
Excluded from the definition of an Investment Advisor
are: - Answer>> 1. Investment Advisor Representative
(IAR)
2. BANKS!!! savings institutions, trust companies,
investment companies, and other financial
intermediaries (EVEN IF THEY CHARGE A FEE FOR
ADVISORY SERVICES)
3. Lawyers, Accountants, Teachers, Engineers if
incidental to their practice
4. B-D and Agents if incidental to normal brokerage
activities AND no extra compensation is charged
5. Publishers of any news, business, or financial
publication who give general advice about securities
which is not specific to certain clients
6. Federal Covered Advisors
7. Employee Benefit Plans
What does a firm have to do when it acts as a IA and B-
D on the same transaction? - Answer>> Requires written
disclosure to the client
Investment Advisor Representative- - Answer>> any
individual partner, officer, director, employee, or
associate of an IA who:
makes recommendations,
manages client's accounts,
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, determines the suitability or recommendations, solicits
or sells services, or supervises employees who perform
the above listed services
Solicitors include salespersons and others who refer
customers to IA's for compensation. In order to solicit
business or be paid a referral fee - Answer>>
A Federal Covered Advisor may be required to FILE a
notice with the administrator of the states in which
______ or more clients transact business with
_______________ - Answer>> 6
the Federal Covered Advisor
Included as a Federal Covered Advisor is: - Answer>> -an
advisor to a registered investment company regardless
of the size of the company
-manages an investment portfolio of $110 million +
-(CAN register at $100 million, HAVE TO at $110
million)
4 groups Excluded from SEC registration: - Answer>> -
IAs who give advice on US govt securities ONLY
- Banks
- Publishers of general advice about securities
-LATE
Investment Adviser's Act of 1940 requires SEC
registered IA firms: - Answer>> Adopt/Implement written
supervisory & compliance policies
Designate a CCO to administer its compliance policies
and procedures
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