FINRA Uniform Securities Agent State Law Examination : Series63

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FINRA Series63 Exam Syllabus Topics:

FINRA Uniform Securities Agent State Law Examination Sample Questions:

1. MoeMoney Investment Advisers uses the services of two broker-dealers exclusively when it executes trades for its clients' accounts. The larger of the two broker-dealers provides MoeMoney with research from its analyst department in return for the business and also serves as the custodian for some of MoeMoney's clients' accounts. The smaller of the two broker-dealers picks up the utility bill for MoeMoney. MoeMoney is careful to disclose this form of "soft dollar" compensation to its clients.
Is it in violation of any securities laws?

A) Yes. Although investment advisers are permitted to receive some forms of soft dollar compensation from broker-dealers with which it has a relationship, such as research or custodial services, other forms of soft dollar compensation, including the payment of overhead expenses,are prohibited.
B) Yes. Investment advisers are prohibited from receiving any soft dollar compensation whatsoever.
C) Yes. Investment advisers are required to use more than two broker-dealers when executing trades on its clients' accounts.
D) No. Investment advisers are entitled to receive soft dollar compensation from broker-dealers with which it has a relationship as long as they disclose this to their clients.

2. Treadwater Bank and Trust is selling a portfolio of municipal bonds it owns to the SafeRisk Insurance Corporation. Under the Uniform Securities Act (USA), in this transaction Treadwater is defined as a

A) none of the above.
B) broker-dealer.
C) agent.
D) issuer.

3. Mr. Noah Scruples is a registered representative with CanDo Broker-Dealers. A client calls and wants Noah to purchase shares of a mutual fund the client has read about. CanDo is not authorized by this particular fund to effect purchases or sales of the fund shares.
Can Noah execute the order anyway?

A) Yes. Since this is an unsolicited trade, Noah can execute the transaction on behalf of his client.
B) No. This would be considered money laundering, which is highly illegal.
C) No. This is a prohibited practice known as front running.
D) No. This is a prohibited practice known as selling away.

4. Which of the following entities must sign a "consent to service of process," thereby allowing the Administrator to receive legal documents that are meant to be served to the entity in place of that entity?
I. agents
II. investment advisers
III. investment adviser representatives
IV. broker-dealers

A) II and IV only
B) II and III only
C) I, II, III, and IV
D) I and IV only

5. Which of the following describes an "exempt security," as defined by the Uniform Securities Act (USA)?

A) An exempt security is one that need not be registered in the state in which it is sold.
B) An exempt security is any security that is being sold in an isolated non-issuer transaction.
C) An exempt security is any security that is being sold by an institutional investor, such as a bank, to another institutional investor, such as another bank or an insurance company.
D) An exempt security is any security being sold as a private placement.

Solutions: