Esame di esercitazione Series 63

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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
   Mostra risposta e spiegazione

   Risposta: 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
   Mostra risposta e spiegazione

   Risposta: 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?

   Seleziona tutte le risposte corrette.

   • 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
   Mostra risposta e spiegazione

   Risposta: 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
   Mostra risposta e spiegazione

   Risposta: 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
   Mostra risposta e spiegazione

   Risposta: 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 _____.

   Opzioni per lo spazio 1: broker-dealer, agent, issuer

   Opzioni per lo spazio 2: broker-dealer, agent, investment adviser representative

   Mostra risposta e spiegazione

   Risposta: 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
   Mostra risposta e spiegazione

   Risposta: 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
   Mostra risposta e spiegazione

   Risposta: 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?

   Seleziona tutte le risposte corrette.

   • 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
   Mostra risposta e spiegazione

   Risposta: 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 _____.

    Opzioni per lo spazio 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

    Mostra risposta e spiegazione

    Risposta: 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
    Mostra risposta e spiegazione

    Risposta: 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?

    Seleziona tutte le risposte corrette.

    • 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
    Mostra risposta e spiegazione

    Risposta: 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
    Mostra risposta e spiegazione

    Risposta: 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 _____.

    Opzioni per lo spazio 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

    Mostra risposta e spiegazione

    Risposta: 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
    Mostra risposta e spiegazione

    Risposta: 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.

Cosa chiede davvero l'esame Series 63

Il Series 63 è l'Uniform Securities Agent State Law Examination, l'esame sulla legge statale in materia di titoli negli Stati Uniti. Lo scrive NASAA, la North American Securities Administrators Association, e lo somministra FINRA. L'esame ha 65 domande, di cui 60 valutate e 5 domande di prova non valutate che non puoi riconoscere, e hai 75 minuti. Lo superi rispondendo correttamente ad almeno 43 delle 60 domande valutate, il che equivale al 72 per cento. La tariffa d'esame e le regole di prenotazione vengono da FINRA, quindi controlla i tuoi materiali per candidati aggiornati invece di un vecchio post su un forum.

Il contenuto è legge statale, non prodotti. NASAA pubblica uno schema di argomenti, e i due blocchi più grandi sono pratiche e obblighi etici al 25 per cento e comunicazione con clienti e potenziali clienti al 20 per cento. La regolamentazione degli agents dei broker-dealer è al 13 per cento, la regolamentazione dei broker-dealer al 12 per cento, i rimedi e le disposizioni amministrative all'11 per cento, la regolamentazione dei titoli e degli emittenti al 9 per cento, e gli investment adviser e i loro rappresentanti si prendono il 5 per cento ciascuno. Messo insieme, significa che circa metà dell'esame riguarda condotta e comunicazione, e il resto sono definizioni e registrazione.

Una cosa va chiarita fin dall'inizio. Il Series 63 è un esame uniforme costruito sul modello dello Uniform Securities Act, ma sono i singoli stati americani a decidere chi deve averlo, come funziona un'esenzione e in cosa la legge che hanno adottato differisce dal modello. La maggior parte degli stati lo richiede per operare lì nel settore dei titoli, ma non tutti, e alcuni accettano il Series 66 al suo posto. L'autorità statale sui titoli del tuo stato e l'ufficio registrazioni della tua azienda sono l'unica fonte affidabile sulla tua situazione, e niente in questa pagina è consulenza legale.

Come usare questo assaggio e come studiare la legge statale

Questo esame è definitorio in un modo che sorprende chi arriva da un esame sui prodotti come il SIE. La maggior parte delle domande si decide sul fatto che una persona o un'operazione rientri o no in un termine definito, quindi una regola empirica ti porta vicino e poi ti fa perdere il punto. Le domande qui sono scritte per insegnare proprio la linea di definizione: cosa rende qualcuno un agent invece che un broker-dealer, quando la consulenza è solely incidental, cosa trasforma un regalo in una vendita, e perché un'esenzione dalla registrazione non è mai un'esenzione dalle norme antifrode.

Fai tutte e 15 d'un fiato, senza appunti, poi leggi la spiegazione di ogni domanda comprese quelle che hai azzeccato. Tratta ogni errore come un argomento e non come un dato isolato. Se hai sbagliato la domanda sull'esclusione dei broker-dealer e quella sulle operazioni esenti, è un segnale solo, non due: stai leggendo oltre le parole qualificanti. Quelle parole sono dove vive l'esame. No place of business in this state, solely incidental, existing customer, isolated, nonissuer, prior written authorization. Sottolineale mentre leggi.

Quando studi sul libro di preparazione, costruisci due liste e tienile corte. Una lista è di definizioni, scritte con parole tue e con le esclusioni allegate. L'altra è di pratiche vietate, raggruppate per il motivo per cui sono vietate: ingannare il cliente, mettere se stessi al primo posto, o agire senza autorizzazione. Quasi ogni domanda di etica dell'esame è una di queste tre travestita da qualcos'altro.

Come StudyPDF crea esami completi dal tuo materiale di preparazione

Quindici domande ti mostrano quali definizioni sono ancora sfocate. Da sole non bastano per arrivare pronto, e una banca dati generica spesso si allontana dall'impostazione del corso di preparazione che hai davvero pagato.

StudyPDF parte invece dal tuo materiale. Carichi il libro di preparazione Series 63 che hai comprato, il pacchetto PDF del corso del tuo fornitore, il manuale di compliance della tua azienda o gli appunti presi a una lezione di abilitazione, e Bo, l'agente di studio, crea esami completi da quelle pagine esatte. Ogni domanda nasce dal tuo materiale e ogni spiegazione indica da dove viene la risposta, così quando qualcosa non ti torna puoi andare dritto alla pagina e chiudere la questione. Genera esami nuovi quante volte vuoi, restringine uno a una sola area come le operazioni esenti o i rimedi dell'Administrator, e tieni traccia dei concetti che continui a sbagliare. Qui conta più che nella maggior parte delle materie, perché la legge adottata dal tuo stato può non corrispondere parola per parola a un libro di preparazione nazionale.

Per iniziare non serve caricare niente. Se il tuo libro è una copia di carta appoggiata sul tavolo di cucina, nomina semplicemente un argomento, per esempio le pratiche commerciali vietate o la registrazione by coordination, e Bo ci scrive sopra un esame. Inizi gratis.