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Flashcards in Section 101 Unit 6 Deck (12):

Who must register as an investment adviser?

Must meet all three
1. Providing advice or issuing reports or analysis regarding securities.
2. Being in the business of providing such services.
3. Being compensated for such services.


The Securities Act of 1933

The Paper Act. Requires the registration of new issues of securities or issues in the primary securities market.


The Securities Act of 1934

The People Act. This act extended the regulation of securities to the secondary market or exchanges. The Act also established the SEC as the primary regulatory body overseeing the sale and purchase of securities by a potential investor.


The Investment Adviser Act of 1940

Requires certain person to register with the SEC as registered investment advisers.


The Investment Company Act of 1940

This act authorized the SEC to regulate certain products, most notably mutual funds.


The McCarran Ferguson Act of 1945

This is the federal legislation that made it clear that insurance was to be regulated at the state level.


The Maloney Act of 1938

Brought the OTC market under the regulation of the SEC and called for self-regulation of OTC securities dealers.


The Securities Investor Protection Act of 1970

This act established the Securities Investor Protection Corporation (SIPC) to insure investors against losses arising from the failure of any brokerage firm.


National banks are subject to which three independent federal agencies?

The Comptroller of the Currency
The Federal Reserve Board
The Federal Deposit Insurance Corporation (FDIC)


FDIC Insured about? And different account categories they cover?

Single Ownership
Joint Ownership
Retirement account ownership (Example IRA)
Revocable trust ownership (the $250,000 limit is per beneficiary with this type)


National Credit Union Administration NCUA
National Credit Union Share Insurance Fund NCUSIF

NCUA and independent federal agency regulates US federal Credit Unions.
NCUSIF is backed by the full faith and credit of the US government. Insures member accounts of all federal and most of the state-chartered credit unions up to $250,000


Trust Company

Is typically owned by one of three entities: an independent partnership, a bank, or a law firm, each of which specializes in managing estates and serving as trustee for various types of trusts.