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Series 66 Review > Uniform Securities Act Quiz > Flashcards

Uniform Securities Act Quiz Flashcards

1
Q

What is the statute of limitations for foreign based security violations as a cause of denial for registration?

A

5 years

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2
Q

What is the statute of limitations for US based security violations as a cause of denial for registration?

A

10 years

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3
Q

Is a lawyer or accountant who gives investment recommendations considered an investment adviser?

A

No

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4
Q

Can the administrator publish the findings of an investigation publicly?

A

Yes

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5
Q

Is a supervisor of IARs also required to be an IAR?

A

Yes

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6
Q

Are trusts where the beneficiaries are not evidenced by a security considered a person?

A

No

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7
Q

Are unincorporated organizations considered persons?

A

Yes

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8
Q

If an agent withdraws their registration when does the withdrawal become effective?

A

30 days

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9
Q

Can investment advisers or agents file an application to register securities?

A

No

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10
Q

Are unsolicited customer orders exempt or non-exempt transactions?

A

exempt

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11
Q

Is there a minimum net capital standard for agents?

A

No

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12
Q

Can the Administrator require the posting of a surety bond by an agent?

A

Yes

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13
Q

Can an agent who receives inside information discuss it with their branch manager?

A

Yes

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14
Q

When can a mutual fund be called “no-load”?

A

If it charges 12b-1 fees of .25% or less

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15
Q

Who must notify the state if a representative from a federal covered adviser quits?

A

The adviser

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16
Q

What is the statute of limitations for filing a criminal claim under the Uniform Securities Act?

A

5 years

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17
Q

Can the administrator impound proceeds from sale until the issuer receives a specific amount?

A

Yes

18
Q

Can the administrator require filing of original copies of subscription agreements?

A

Yes

19
Q

Is a representative who fails to register going to face civil or criminal penalties?

A

Civil

20
Q

If an advisory firm is bought out by another, are the customers required to give approval before their accounts are moved?

A

Yes

21
Q

When do registrations expire?

A

Dec 31st

22
Q

What is the maximum number of clients an investment adviser can have to qualify for a de minimus exemption?

A

5

23
Q

When must amendments to filings with the Administrator be made?

A

Promptly

24
Q

What act covers Federally Covered investment advisors?

A

investment advisors act of 1940

25
Q

Does the administrator need to give notice prior to inspecting records/

A

No

26
Q

Do deposits and withdrawals of cash over 10k have to be reported?

A

Yes

27
Q

Do representatives have to keep records of personal email?

A

Yes

28
Q

If a representative of an investment advisor is terminated, who notifys the state?

A

Advisor

29
Q

If an agent of a broker dealer is terminated who notifys?

A

agent and b/d

30
Q

Can member firms currently involved in an underwriting issue research reports on the company?

A

ONly after 40 days for IPOs and 10 days for add ons

31
Q

What is the window that renewals must be filed?

A

within 30 days of the renewal being sent out

32
Q

How long must investment advisors keep their articles of incorporation?

A

Life of firm + 3 years

33
Q

If a broker dealer charges management fees, must it register as an investment advisor?

A

Yes

34
Q

Do b/d keep subscription order records?

A

No

35
Q

Can a surety bond requirement be waived if the b/d maintains more net capital than the bond amount?

A

Yes

36
Q

If the investment advisor does not take custody, is there a surety bond requirement?

A

No

37
Q

For registration by qualification, is the burden of proof on the applicant or state?

A

applicant

38
Q

For registration by filing and coordination is the burden of proof on the applicant or state?

A

State

39
Q

Are investment advisor solicitors required to register with the SEC?

A

No

40
Q

If an agent changes which b/d he’s registered with, when must he notify the state?

A

immediately

41
Q

When a b/d registers with the state, do its officers gain automatic registration as agents/

A

yes

42
Q

When does an agents registration become effective?

A

30 days after filign

Series 66 Review (10 decks)

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