Test d’entraînement Series 63

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Les 15 questions en un coup d'œil

Tu préfères lire avant de jouer ? Toutes les questions de l'échantillon sont listées ci-dessous. Les réponses et les explications restent repliées tant que tu ne les ouvres pas.

1. 1. Under the Uniform Securities Act, which of the following must register in the state as an agent?

   • A. A receptionist at a broker-dealer who answers the phone and transfers callers to registered personnel
   • B. An individual who represents a broker-dealer and takes buy and sell orders from customers in the state
   • C. The broker-dealer firm itself, once it opens an office in the state
   • D. A bank that sells its own certificates of deposit to its depositors
   Voir la réponse et l'explication

   Réponse : B. An individual who represents a broker-dealer and takes buy and sell orders from customers in the state

   Two words carry this definition. An agent is an individual, never a firm, and the individual has to be effecting or attempting to effect purchases or sales of securities for a broker-dealer or an issuer. Clerical and ministerial staff who never take an order and never solicit business fall outside it, and the firm is a broker-dealer, which is a separate defined term with its own registration. Watch for the trap of calling a firm an agent, because the Act never does.

2. 2. Which of the following is a sale or an offer under the Uniform Securities Act?

   • A. A gift of assessable stock
   • B. A bona fide pledge of securities as collateral for a loan
   • C. A stock dividend paid to existing shareholders who give nothing of value for it
   • D. A gift of nonassessable stock with no strings attached
   Voir la réponse et l'explication

   Réponse : A. A gift of assessable stock

   Sale means any contract or disposition of a security for value, and offer means any attempt to dispose of a security or any solicitation of an offer to buy one. Value is the hinge. Assessable stock can require the holder to pay in more money later, so accepting it exposes the recipient to a future call, and the Act treats the gift as a sale. A pledge for a genuine loan, a stock dividend given for nothing, and a plain gift of nonassessable stock all fail the value test.

3. 3. Which of the following are securities under the Uniform Securities Act?

   Coche toutes les bonnes réponses.

   • A. A variable annuity contract
   • B. A fixed annuity that pays a guaranteed dollar amount for life
   • C. A fractional undivided interest in an oil and gas drilling program
   • D. A commodity futures contract on wheat
   • E. An investment contract
   • F. A whole life insurance policy with a stated death benefit
   Voir la réponse et l'explication

   Réponse : A. A variable annuity contract, C. A fractional undivided interest in an oil and gas drilling program, E. An investment contract

   The Act lists what counts, and the through line is that the holder's return depends on performance they do not control. A variable annuity leaves the investor exposed to market results, and an oil and gas fractional interest and an investment contract both pool money for a return produced by someone else's effort. Insurance products that promise fixed, stated dollar amounts are carved out by name, and so are commodity futures and forward contracts. The fixed versus variable line is the one this question is really testing.

4. 4. A firm has no place of business in State A. In State A it effects securities transactions only with banks, insurance companies, investment companies and other broker-dealers. Under the Uniform Securities Act, in State A this firm is:

   • A. required to register as a broker-dealer, because it transacts business with persons located in the state
   • B. required to register as an investment adviser instead
   • C. excluded from the definition of broker-dealer, so it does not register there as one
   • D. exempt only for as long as it registers each of its representatives as agents
   Voir la réponse et l'explication

   Réponse : C. excluded from the definition of broker-dealer, so it does not register there as one

   This definition turns on two facts together: whether the firm has a place of business in the state, and who its clients in that state are. With no office in the state and only institutional clients such as banks, insurance companies, investment companies and other broker-dealers, the firm falls outside the definition of broker-dealer entirely. Note that being excluded from a definition is not the same as being exempt from a requirement, and the exam cares about the difference. A parallel exclusion covers a firm with no place of business in the state whose only clients there are existing customers who are not residents and are just passing through.

5. 5. An accountant prepares a client's tax return and, while explaining the tax bill, suggests the client move money into municipal bonds. She bills her usual hourly accounting rate and charges nothing extra for the suggestion. Under the Uniform Securities Act she is:

   • A. an investment adviser, because she recommended a specific type of security
   • B. not an investment adviser, because the advice was incidental to her profession and she took no special compensation for it
   • C. an investment adviser representative of her accounting firm
   • D. a broker-dealer, because the conversation concerned buying securities
   Voir la réponse et l'explication

   Réponse : B. not an investment adviser, because the advice was incidental to her profession and she took no special compensation for it

   The definition has three prongs and all three must be met: advice about securities, being in the business of giving it, and compensation for that advice. Accountants, lawyers, teachers and engineers are excluded when the advice is solely incidental to their profession and they receive no special compensation for it. Break either half of that and the exclusion disappears, so charging a separate advisory fee, or advertising herself as an adviser, would pull her back inside the definition.

6. 6. Complete the sentence.

   Under the Uniform Securities Act, the firm in the business of effecting securities transactions for the accounts of others is a _____, and the natural person who represents that firm and takes customer orders is a _____.

   Options pour le trou 1 : broker-dealer, agent, issuer

   Options pour le trou 2 : broker-dealer, agent, investment adviser representative

   Voir la réponse et l'explication

   Réponse : broker-dealer, agent

   The Act keeps firms and people in separate boxes and never lets one entity wear both labels. A broker-dealer is a person, in practice usually a firm, engaged in the business of effecting securities transactions, while an agent is always a natural person representing a broker-dealer or an issuer. The advisory side splits the same way: the firm is the investment adviser and the individual is the investment adviser representative. Reading a question with those four boxes in mind resolves most of the definitional items on this exam.

7. 7. An issuer is registering an offering with the SEC and wants the same offering registered in several states at the same time. Which state registration method is built for that?

   • A. Registration by qualification
   • B. Registration by notification, sometimes called filing
   • C. Registration by coordination
   • D. A notice filing
   Voir la réponse et l'explication

   Réponse : C. Registration by coordination

   Coordination exists exactly for an offering going through federal and state registration side by side, and the state registration becomes effective at the same time the federal registration does, once the state's filing conditions are met. Qualification is the fallback for an offering registered only in the state and demands the most disclosure, which is why issuers avoid it when they can. A notice filing is not registration at all, it is what a state may require, with a fee, for a federal covered security the state has no power to register.

8. 8. Which of the following is an exempt transaction under the Uniform Securities Act?

   • A. A solicited sale of an unregistered, nonexempt security to a retail client
   • B. An advertised public offering of common stock to residents of the state
   • C. A sale by an issuer to fifty retail investors who answered a newspaper advertisement
   • D. An isolated nonissuer transaction
   Voir la réponse et l'explication

   Réponse : D. An isolated nonissuer transaction

   An exempt transaction is exempt because of how the sale happens, not because of what is being sold, so read the parties and the manner of sale rather than the security. The standard examples are isolated nonissuer transactions, unsolicited customer orders, sales to institutional buyers, transactions with underwriters, and sales by fiduciaries such as executors, trustees and guardians. General advertising defeats a private offering claim, which is what sinks the newspaper answer. The person claiming an exemption carries the burden of proving it, and the Administrator can revoke an exemption.

9. 9. Which of the following are prohibited business practices for a registered agent?

   Coche toutes les bonnes réponses.

   • A. Recommending a security only after reviewing the customer's financial situation and objectives
   • B. Guaranteeing a customer against loss in the account
   • C. Borrowing money from a retail customer who is not in the business of lending
   • D. Declining an order the agent believes is unsuitable and documenting the conversation
   • E. Deciding which security to buy and how many shares without prior written authorization from the customer
   Voir la réponse et l'explication

   Réponse : B. Guaranteeing a customer against loss in the account, C. Borrowing money from a retail customer who is not in the business of lending, E. Deciding which security to buy and how many shares without prior written authorization from the customer

   Sort the prohibited practice list into three reasons and it stops being a memory exercise. A guarantee against loss is misleading, because nobody can deliver it. Borrowing from a client who is not a bank or other lender puts the agent's interest ahead of the client's in a way the client cannot police. Choosing the security and the size without written discretionary authority is acting without authority, and note that discretion over only the time or the price of an order the customer already specified is treated differently. Gathering suitability information and refusing an unsuitable order are what the rules ask for, not violations.

10. 10. Complete the sentence.

    The antifraud provisions of the Uniform Securities Act apply to _____.

    Options pour le trou 1 : only securities registered in the state, only nonexempt securities sold in nonexempt transactions, every security and every transaction, whether or not registration was required, only accounts held by retail customers

    Voir la réponse et l'explication

    Réponse : every security and every transaction, whether or not registration was required

    An exemption is always an exemption from registration, never from the ban on fraud. A United States Treasury bond and a private placement both sit outside the registration requirement, and misleading a buyer about either one still violates the Act. That is why it was an exempt transaction is never a defense to a fraud charge, and why the Administrator can pursue fraud even where it had no registration authority in the first place.

11. 11. An agent tells a prospect that a stock must be sound because the state Administrator registered the offering. This statement is:

    • A. acceptable, because state registration does involve a review of the offering
    • B. acceptable as long as the agent also delivers a prospectus
    • C. prohibited, because registration never means the Administrator approved the security or passed on its merits
    • D. prohibited only if the investment later loses value
    Voir la réponse et l'explication

    Réponse : C. prohibited, because registration never means the Administrator approved the security or passed on its merits

    Registering an offering means the required disclosure was filed and cleared, not that any regulator judged the investment. Telling a client or a prospect otherwise is a specifically prohibited representation, and it is prohibited on the day it is said, regardless of how the investment turns out. The same rule covers a person's own registration, so an agent may not suggest that being registered means the Administrator vouched for the agent's ability or integrity.

12. 12. Which of the following may a state securities Administrator do under the Uniform Securities Act?

    Coche toutes les bonnes réponses.

    • A. Conduct an investigation outside the borders of the state
    • B. Issue a cease and desist order against a person believed to be about to violate the Act
    • C. Issue an injunction ordering a person to stop selling securities
    • D. Subpoena witnesses and require the production of books and records
    • E. Sentence a person who violated the Act to a term in prison
    Voir la réponse et l'explication

    Réponse : A. Conduct an investigation outside the borders of the state, B. Issue a cease and desist order against a person believed to be about to violate the Act, D. Subpoena witnesses and require the production of books and records

    The Administrator's tools are administrative: orders, investigations, subpoenas, and the power to deny, suspend, revoke or cancel a registration. Investigations are not stopped by the state line, because a violation aimed into the state can be run from anywhere. Injunctions and prison sentences are court remedies, so the Administrator has to go to court and ask for them rather than impose them directly. Administrative order versus court order is the distinction this part of the exam returns to again and again.

13. 13. Under the state brochure rule, an investment adviser that does not deliver its brochure at least 48 hours before entering an advisory contract may instead deliver it when the contract is signed, provided that:

    • A. the client is an institutional investor
    • B. the Administrator grants a written waiver
    • C. the adviser charges no fee for the first month
    • D. the client may terminate the contract without penalty within five business days
    Voir la réponse et l'explication

    Réponse : D. the client may terminate the contract without penalty within five business days

    The rule gives two routes to compliance and both exist for the same reason, which is that the client should get real time to read the disclosure. Either deliver the brochure at least 48 hours before the contract, or deliver it at signing and give the client five business days to walk away without penalty. Federal covered advisers follow the SEC's version of the delivery rule instead of a state's, and that split between state registered and federal covered advisers shows up repeatedly on this exam.

14. 14. Complete the sentence.

    A buyer who purchased a security sold in violation of the Act may sue to recover the price paid plus interest, court costs and reasonable attorney fees, less _____.

    Options pour le trou 1 : the commission the agent earned on the trade, any income the buyer already received on the security, the current market value of the security, the seller's original cost basis

    Voir la réponse et l'explication

    Réponse : any income the buyer already received on the security

    The remedy is designed to undo the trade and put the buyer back where they started, not to hand the buyer a profit. So the buyer tenders the security back and recovers what was paid, with interest and costs, minus any dividends or interest already collected on it. A seller who realizes it broke the Act can head off the lawsuit with a written rescission offer, and a buyer who does not accept within the window loses the right to sue. Time limits on these claims are set by each state's adopted statute, so check the one that applies to you.

15. 15. Which statement best describes the standard an investment adviser owes its clients?

    • A. A fiduciary duty, which requires the adviser to act in the client's best interest and disclose material conflicts of interest
    • B. A suitability standard only, meaning a reasonable basis for each recommendation is enough
    • C. No standard at all beyond the antifraud provisions
    • D. A duty owed only to clients whose accounts exceed a stated dollar size
    Voir la réponse et l'explication

    Réponse : A. A fiduciary duty, which requires the adviser to act in the client's best interest and disclose material conflicts of interest

    An investment adviser is a fiduciary, so it puts the client first and discloses material conflicts such as how it is compensated, whether it also earns commissions, and any interest it holds in a security it recommends. Broker-dealer agents were traditionally measured against suitability, a narrower test asking only whether a recommendation fits that customer. Federal Regulation Best Interest has since raised the bar for recommendations made to retail customers, so the gap between the two standards is smaller than older study guides describe.

Ce que demande vraiment l’examen Series 63

Le Series 63 est l’Uniform Securities Agent State Law Examination. La NASAA, la North American Securities Administrators Association, l’écrit, et la FINRA le fait passer. L’examen compte 65 questions, dont 60 sont notées et 5 sont des questions de test non notées que tu ne peux pas repérer, et tu as 75 minutes. Tu réussis en répondant correctement à au moins 43 des 60 questions notées, ce qui fait 72 pour cent. Les frais d’examen et les règles de rendez-vous viennent de la FINRA, alors vérifie tes documents de candidat en vigueur plutôt qu’un vieux message de forum.

Le contenu, c’est le droit des États, pas les produits. La NASAA publie un plan des thèmes, et les deux plus gros blocs sont les pratiques et obligations déontologiques à 25 pour cent et la communication avec les clients et les prospects à 20 pour cent. La réglementation des agents de broker-dealers pèse 13 pour cent, celle des broker-dealers 12 pour cent, les recours et les dispositions administratives 11 pour cent, la réglementation des titres et des émetteurs 9 pour cent, et les investment advisers et les investment adviser representatives 5 pour cent chacun. Autrement dit, environ la moitié de l’examen porte sur la conduite et la communication, et le reste sur les définitions et l’enregistrement.

Une chose à avoir claire dès le départ. Le Series 63 est un examen uniforme, bâti sur le modèle de l’Uniform Securities Act, mais ce sont les États qui décident qui doit le détenir, à quoi ressemble une dispense, et en quoi la loi qu’ils ont adoptée s’écarte du modèle. La plupart des États l’exigent pour faire des opérations sur titres chez eux, mais pas tous, et certains acceptent le Series 66 à la place. Le régulateur des valeurs mobilières de ton État et le service d’enregistrement de ta société sont les seules sources fiables sur ta propre situation, et rien sur cette page n’est un conseil juridique.

Comment utiliser cet échantillon et réviser le droit des États

Cet examen est définitionnel d’une façon qui surprend ceux qui arrivent d’un examen produit comme le SIE. La plupart des questions se tranchent selon qu’une personne ou une opération entre ou non dans un terme défini, donc une règle approximative t’approche du but puis te fait perdre le point. Les questions ici sont écrites pour t’apprendre la ligne de définition elle-même : ce qui fait de quelqu’un un agent plutôt qu’un broker-dealer, quand un conseil est solely incidental, ce qui transforme un cadeau en vente, et pourquoi une exemption d’enregistrement n’est jamais une exemption des règles antifraude.

Fais les 15 questions d’une traite, sans notes, puis lis l’explication de chaque question, y compris celles que tu as réussies. Traite chaque erreur comme un thème plutôt que comme un fait. Si tu as raté la question sur l’exclusion des broker-dealers et celle sur les opérations exemptées, c’est un seul signal et non deux : tu lis par-dessus les mots qualifiants. C’est là que vit l’examen. No place of business in this state, solely incidental, existing customer, isolated, nonissuer, prior written authorization. Souligne-les en lisant.

Quand tu révises dans ton livre de préparation, fais deux listes et garde-les courtes. Une liste de définitions, écrites avec tes mots, avec les exclusions attachées. L’autre, les pratiques interdites, regroupées par la raison de l’interdiction : tromper le client, se servir d’abord, ou agir sans autorisation. Presque chaque question de déontologie à l’examen est l’une de ces trois-là déguisée autrement.

Comment StudyPDF crée des examens d’entraînement complets à partir de tes propres documents

Quinze questions peuvent te montrer quelles définitions restent floues. Elles ne suffisent pas à te rendre prêt, et une banque générique s’éloigne souvent des priorités du cours de préparation que tu as vraiment payé.

StudyPDF part plutôt de ton matériel. Importe le livre de préparation au Series 63 que tu as acheté, le polycopié PDF de ton organisme, le manuel de conformité de ta société ou les notes prises en cours de licence, et Bo, l’agent de révision, crée des examens d’entraînement complets à partir de ces pages exactes. Chaque question est ancrée dans ton matériel, et chaque explication indique d’où vient la réponse, donc quand quelque chose cloche tu peux aller droit à la page et trancher. Génère de nouveaux examens aussi souvent que tu veux, restreins-en un à un seul domaine comme les opérations exemptées ou les recours de l’Administrator, et suis les concepts que tu rates sans arrêt. Ça compte plus ici que dans la plupart des matières, parce que la loi adoptée par ton État peut ne pas correspondre mot pour mot à un livre de préparation national.

Tu n’as rien besoin d’importer pour commencer. Si ton livre est un exemplaire papier posé sur la table de la cuisine, nomme plutôt un thème, par exemple les pratiques commerciales interdites ou l’enregistrement par coordination, et Bo écrit un examen d’entraînement dessus. Commencer est gratuit.