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Richard Mills

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Question: 1

Moe is a registered investment adviser doing business under the name of MoeMoney

Investment

Advisers, LLC. Larry, Curly, and Mary all hold positions with the firm. Larry is on the board of

directors;

Mary is a sales representative for the firm; and Curly is an administrative assistant, who performs

clerical

duties. Given that Moe is already a registered investment adviser, which of the other three are

automatically registered as investment adviser representatives?

A. Larry only

B. Larry and Mary only

C. Larry, Mary and Curly

D. Mary and Curly only

Answer: A

Explanation: As a director of the firm, Larry would automatically be registered as an investment

advise

epresentative of MoeMoney Investment Advisers. Although directors and officers of the firm are

automatically registered as investment adviser representatives, Mary, as a sales representative,

would

have to apply for her own registration. Curly does not need to be registered since he performs only

clerical

duties.

Question: 2

Assuming there is not a stop order or a proceeding pending, under the registration by

coordination

process a security's registration with the state becomes effective:

A. only when it is approved by the state Administrator, regardless of whether it has been approved by

the

SEC.

B. immediately after approval by the SEC as long as the registration statement has been on file for at

least

2 0 days or the Uniform Securities Act has provided an exemption to this waiting period.

C. immediately subsequent to approval by the SEC, regardless of how long the registration statement

has

een on file.

D. only when it is approved by the state Administrator, who will review the registration

documentation

upon notification that SEC approval has been granted.

Answer: B

Explanation: Under the registration by coordination process, the security's registration with the state

ecomes effective immediately after approval by the SEC as long as the registration has been on file

fo

at least 20 days or the Uniform Securities Act has provided an exemption to this waiting period. This

assumes, of course, that there is not a stop order or a proceeding pending.

Question: 3

Sam Shade had his agent's license revoked by the state of Washington for repeatedly making

misleading

claims about various investment to investors. He had had it with all the rain anyway and decided to

move

to the sunshine state of Florid

a. His brother-in-law was a computer whiz who made money on the

side

(more than his day job provided, in fact) by supplying illegal immigrants with official-looking

documentation, including social security numbers. Sam Shade became Ian Creed in a few clicks of the

mouse. As Ian Creed, Sam was hired by Sunny Investment Advisers, an investment adviser firm

located

in the Florida Keys, in a clerical role. As such, Sam/Ian had access to the confidential information of

the

firm's clients, which he and his brother-in-law utilized for the purpose of identity theft. Under the

Uniform

Securities Act guidelines, when Sam and his brother-in-law are caught in their illegal activities,

A. Sunny Investment Advisers will not be held liable if it can prove that there was no way it could

have o

should have known of the revocation of Sam Shade's (aka Ian Creed) license.

B. Sunny Investment Advisers will be subject to criminal prosecution for employing an individual

whose

license had been revoked by the Administrator of another state since it obviously did not use due

diligence in hiring Ian Creed, aka Sam Shade.

C. Sunny Investment Advisers will be subject to civil penalties for employing an individual whose

license

had been revoked by the Administrator of another state.

D. Sunny Investment Advisers will be subject to both criminal prosecution and civil penalties fo

employing an individual whose license had been revoked by the Administrator of another state since

it

obviously did not use due diligence in hiring Ian Creed, aka Sam Shade.

Answer: A

Explanation: When Sam and his brother-in-law are caught, Sunny Investment Advisers will not be

held

liable if it can prove that there was no way it could have or should have known of Sam Shade/Ian

Creed's

license revocation. The drafters of the Uniform Securities Act were cognizant of the fact that

employees

can be remarkably deceptive when applying for a position, and because of this the Act indicates that

the

investment adviser must either "have known or should have known" of the Administrator's adverse

decision against the employee in order to itself be deemed liable.

Question: 4

Trevor is currently a registered agent in the state of Connecticut where he has been employed

y Connect

& Company, a broker-dealer that is registered in Connecticut and has subsidiary operations in

Massachusetts, New Jersey, and New York. Trevor has moved to Massachusetts and is now

associated

with one of Connect's subsidiaries, a broker-dealer registered in the state. Trevor has applied to the

Administrator of Massachusetts for registration as an agent. Can Trevor execute purchases and sales

fo

clients while his registration is still pending?

A. Question: Until he is informed by the Administrator of Massachusetts that his application has been

accepted,

Trevor may not effect any securities transactions in Massachusetts.

B. Yes. Because Trevor is a registered agent in another state and is affiliated with a broker-dealer that

is

egistered in the state of Massachusetts, he is not restricted from executing trades.

C. Yes. Trevor can execute trades for new clients he solicits, but only for sixty days while his

egistration

is pending.

D. It depends. Trevor can execute some purchases and sales, but only for clients that he already had

who

may have recently relocated to Massachusetts and only for sixty days while his registration is

pending.

Answer: D

Explanation: It depends. Because he is a registered agent in another state and the broker-dealer he is

now affiliated with is registered in the state of Massachusetts, Trevor can execute purchases and

sales,

ut only for existing clients while his registration with the Massachusetts Administrator is still

pending and

only for sixty days. This assumes, of course, Trevor has no violations that would restrict him from

egistering in Massachusetts.

Question: 5

The 1988 Insider and Securities Enforcement Act indicates that a person convicted of inside

trading can

e subject to which of the following penalties?

A. up to 10 years in prison and a fine of $1 million or up to 3 times the amount of profits gained, o

B. up to 3 years in prison, a $5,000 fine, or both

C. up to 5 years in prison and a fine of $1,500,000 or both

D. up to 7 years in prison and a fine equal to 200% of the amount of profits gained or losses avoided

Answer: A

Explanation: The 1988 Insider Trading and Securities Enforcement Act increased the penalties for a

person convicted of insider trading to up to 10 years in prison and a fine of $1 million or up to 3 times

the

amount of profits gained, or losses avoided.

Question: 6

Assuming the security is not registered under the Uniform Securities Act, which of the following

would not

e exempt from state registration?

A. a variable annuity contract offered by an insurance company with offices in the state

B. a stock that is listed on the American Stock Exchange

C. a stock that is listed on the OTC Bulletin Board

D. a put option on a stock that sells in the over-the-counter market

Answer: C

Explanation: A stock that is listed on the OTC Bulletin Board would not be exempt from state

egistration

unless it already happens to be registered under the Uniform Securities Act. Variable annuities and

stocks

listed on the American Stock Exchange are classified as federal covered securities by the NSMIA of

1996

and are exempt from state registration. An amendment to the Securities and Exchange Act of 1934

exempts option contracts from state registration.

Question: 7

When selling shares in a closed-end investment company, an agent must inform the client of

any

I. commissions

II. underwriting fees

III. miscellaneous offering expenses

A. I, II and III

B. I only

C. I and II only

D. I and III only

Answer: A

Explanation: When selling shares in a closed-end investment company, an agent must inform the

client of

any commissions, underwriting fees, or miscellaneous other offering expenses involved.

Question: 8

A limited power-of-attorney gives the designated person the right to

I. order the sale of an asset owned by the account holder and have a check written to the account

holde

for the amount of the proceeds.

II. obtain account statements, including tax statements, on behalf of the account holder.

III. order the purchase of an asset for the account holder's account.

A. I, II, and III

B. I and II only

C. II and III only

D. I and III only

Answer: C

Explanation: Only Selections II and III are true. A limited power-of-attorney gives the designated

person

the right to obtain account statements, including tax statements, on behalf of the account holder and

to

order the purchase of an asset for the account holder's account. Only a full (or unlimited)

power-of-attorney allows the designated person to withdraw any proceeds from the account.

Question: 9

Which of the following would be an unsuitable recommendation for your 68-year-old client?

A. a Treasury Inflation Protected Security (TIPS)

B. a deferred annuity

C. an S&P 500 Index mutual fund

D. a high quality corporate bond fund

Answer: B

Explanation: A deferred annuity would be an unsuitable recommendation for your 68-year-old client.

These annuities charge significant penalties for early withdrawals-and "early" can mean before 10

years,

or even longer. A 68-year-old client may have the need to withdraw his money early to make medical

payments.

Question: 10

An investment adviser or its representative may

A. only exercise any discretionary power in the purchase or sale of securities for a client's account

afte

eceiving written authority prior to the execution of the transactions.

B. exercise discretionary power in the purchase or sale of securities for a client's account as long as it

eceives written discretionary authority over the account within 10 business days of the first

discretionary

transaction placed, assuming oral authority has already been given.

C. exercise discretionary power in the purchase or sale of securities for a client's account as long as

D. exercise discretionary power in the purchase or sale of securities for a client's account only afte

Answer: B

Explanation: An investment adviser or its representative may exercise discretionary power in the

purchase or sale of securities for a client's account as long as it receives written discretionary

authority

over the account within 10 business days of the first transaction placed, assuming oral authority has

already been given.

Question: 11

A broker-dealer of commodity futures contracts has been profiting by trading for its own

account eithe

efore or after executing a client's trade on the same commodity, depending on which will be most

advantageous. Under the Uniform Securities Act, the broker-dealer is guilty of

A. fraud.

B. churning.

C. unauthorized transactions.

D. nothing. The Uniform Securities Act (USA) deals only with securities, and a commodity futures

contract

is not a security.

Answer: D

Explanation: A broker-dealer of commodity futures contracts is guilty of nothing under the Uniform

Securities Act since a commodity futures contract is not a security as defined by the USA. The

oker-dealer may, however, find himself in trouble with the Commodity Futures Trading

Commission,

which is the regulatory agency of the futures market.

Question: 12

You have recently discovered that a security you purchased has not been registered with the

state, nor is

it exempt from registration. You can file a civil claim against the seller as long as you do so within

A. five years.

B. three years from discovery or five years from the event, whichever comes first.

C. two years from discovery or three years from the event, whichever comes first.

D. one year from discovery.

Answer: C

Explanation: If you discover that a security you purchased has not been registered with the state and

was

sold unlawfully, you can file a civil claim against the seller as long as you do so within two years from

discovery or three years from the event, whichever comes first, under the guidelines of the Uniform

Securities Act. Therefore, if you know about an unlawful sale for more than two years or if the sale

took

place more than three years ago, you cannot sue. The statute of limitations has expired.

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