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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
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   Svar: 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
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   Svar: 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?

   Velg alle som passer.

   • 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
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   Svar: 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
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   Svar: 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
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   Svar: 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 _____.

   Alternativer for luke 1: broker-dealer, agent, issuer

   Alternativer for luke 2: broker-dealer, agent, investment adviser representative

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   Svar: 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
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   Svar: 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
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   Svar: 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?

   Velg alle som passer.

   • 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
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   Svar: 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 _____.

    Alternativer for luke 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

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    Svar: 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
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    Svar: 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?

    Velg alle som passer.

    • 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
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    Svar: 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
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    Svar: 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 _____.

    Alternativer for luke 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

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    Svar: 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
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    Svar: 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.

Dette spør Series 63 faktisk om

Series 63 er Uniform Securities Agent State Law Examination. NASAA, altså North American Securities Administrators Association, skriver den, og FINRA holder den. Prøven har 65 spørsmål, hvorav 60 teller på poengsummen og 5 er testspørsmål som ikke teller og som du ikke kan skille ut, og du får 75 minutter. Du består ved å svare riktig på minst 43 av de 60 spørsmålene som teller, som er 72 prosent. Prøvegebyret og reglene for påmelding kommer fra FINRA, så sjekk det gjeldende kandidatmateriellet ditt framfor et gammelt foruminnlegg.

Innholdet er delstatlig lovgivning, ikke produkter. NASAA publiserer en temaoversikt, og de to største blokkene er etisk praksis og plikter på 25 prosent og kommunikasjon med kunder og potensielle kunder på 20 prosent. Regulering av agenter for meglerhus er 13 prosent, regulering av meglerhus er 12 prosent, virkemidler og forvaltningsbestemmelser er 11 prosent, regulering av verdipapirer og utstedere er 9 prosent, og investeringsrådgivere og deres representanter tar 5 prosent hver. Til sammen betyr det at omtrent halve prøven er atferd og kommunikasjon, og resten er definisjoner og registrering.

Én ting bør være klar fra starten. Series 63 er en felles prøve bygget på modelloven Uniform Securities Act, men det er delstatene som bestemmer hvem som må ha den, hvordan et unntak ser ut, og hvordan deres egen vedtatte lov skiller seg fra modellen. De fleste delstater krever den for å drive verdipapirvirksomhet der, men ikke alle, og noen godtar Series 66 i stedet. Verdipapirtilsynet i din egen delstat og registreringsavdelingen i foretaket ditt er de eneste pålitelige kildene om din egen situasjon, og ingenting på denne siden er juridiske råd.

Slik bruker du smakebiten og slik leser du delstatlig lovgivning

Denne prøven er definisjonsdrevet på en måte som overrasker folk som kommer fra en produktprøve som SIE. De fleste spørsmålene avgjøres av om en person eller en transaksjon faller innenfor et definert begrep, så en tommelfingerregel får deg nesten fram og koster deg så poenget. Spørsmålene her er skrevet for å lære deg selve definisjonsgrensen: hva som gjør noen til en agent framfor et meglerhus, når rådgivning bare er en biting, hva som gjør en gave til et salg, og hvorfor et unntak fra registrering aldri er et unntak fra bedrageribestemmelsene.

Ta alle 15 i én økt, uten notater, og les så forklaringen til hvert spørsmål, også de du fikk riktig. Behandle hver bom som et tema og ikke som et faktum. Bommet du på spørsmålet om unntaket for meglerhus og spørsmålet om unntatt transaksjon, er det ett signal og ikke to: du leser forbi de kvalifiserende ordene. Det er der prøven bor. No place of business in this state, solely incidental, existing customer, isolated, nonissuer, prior written authorization. Strek under dem mens du leser.

Når du leser i repetisjonsboka, lag to lister og hold dem korte. Den ene lista er definisjoner, skrevet med dine egne ord og med unntakene hengt på. Den andre er forbudt praksis, gruppert etter grunnen til at den er forbudt: å villede kunden, å sette deg selv først, eller å handle uten fullmakt. Nesten hvert etikkspørsmål på prøven er ett av de tre i ny drakt.

Slik bygger StudyPDF fullengdes øvingsprøver fra ditt eget repetisjonsmateriale

Femten spørsmål kan vise deg hvilke definisjoner som fortsatt er uklare. De gjør deg ikke klar alene, og en generell spørsmålsbank sklir ofte bort fra vektleggingen i kurset du faktisk betalte for.

StudyPDF jobber fra ditt materiale i stedet. Last opp Series 63-repetisjonsboka du kjøpte, PDF-heftet fra kurstilbyderen, compliance-håndboka i foretaket ditt eller notatene du tok på et lisenskurs, så bygger Bo, studieagenten, fullengdes øvingsprøver fra akkurat de sidene. Hvert spørsmål er forankret i ditt materiale, og hver forklaring viser hvor svaret kom fra, så når noe ser feil ut kan du gå rett til siden og avgjøre det. Lag nye prøver så ofte du vil, spiss en av dem mot ett område som unntatte transaksjoner eller virkemidlene til Administrator, og følg med på hvilke begreper du stadig bommer på. Det betyr mer her enn i de fleste fag, for loven din egen delstat har vedtatt trenger ikke stemme ord for ord med en nasjonal repetisjonsbok.

Du trenger ikke laste opp noe for å komme i gang. Ligger boka di i papir på kjøkkenbordet, kan du bare oppgi et tema i stedet, for eksempel forbudt forretningspraksis eller registrering ved koordinering, så skriver Bo en øvingsprøve fra det. Gratis å komme i gang.