To be defined as an “agent” under the Uniform Securities Act, an individual must receive or solicit orders from the public. Individuals who do not solicit the public and perform only clerical or administrative services do not fall under this category.
Which of the following individuals are defined as an agent under the Uniform Securities Act quizlet?
Definition of agent. -An agent is an individual who represents a BD or issuer in executing a securities transaction. -They are also called sales agents and must be registered in each state in which they conduct transactions.
Which of the following individuals must be registered as an agent under the Uniform Securities Act?
Under the Uniform Securities Act, any individual who engages in the following transactions with a non-exempt issuer of securities is required to register as an agent
Which of the following is are defined as a broker-dealer under the Uniform Securities Act?
Under the Uniform Securities Act, a “broker-dealer” is defined as a person engaged in the business of effecting securities transactions for the account of others or a person engaged in the business of trading in securities for his or her own account.
Who would not be exempt from the definition of agent under the Uniform Securities Act?
A non-clerical employee of the adviser. An officer, partner, or director of the Adviser. Any person with whom the Advisor has contracted directly or indirectly. All of the above. All of the above.
Which one of the following is a post registration requirement for broker/dealer agents under the Uniform Securities Act?
B; Post-registration requirements include maintaining books and records. Provide required documentation to management. Reporting to customers. Filing of advertising and sales materials with the State. These are requirements for both broker-dealers and investment advisers.
Which of the following is an acceptable investment advisory contract provision under the Uniform Securities Act?
Which of the following investment advisory contract provisions are permissible under the Uniform Securities Act? The best answer is C. An investment adviser may receive a fee based on a percentage of all assets under management. However, they cannot be compensated based solely on capital gains achieved.
When an agent changes employment from one broker/dealer to another the agent’s registration must be transferred?
D; If an agent changes locations, the old broker-dealer must notify management that the agent is no longer registered with that firm. The new broker-dealer must notify the administrator that the agent is registered with the new firm. The agent must notify the administrator of the change.
Which of the following is not excluded from the definition of an investment advisor?
[C] Lawyers, teachers, engineers, and accountants who perform advisory services incidental to the practice of their profession are not considered within the definition of an investment adviser. The United States regulates what an investment adviser may say to its clients.
Which of the following statements is correct regarding an unsolicited trade in an unregistered nonexempt security?
Which of the following statements is true regarding one-way trading of unregistered, non-exempt securities? A transaction is exempt if the broker-dealer does not maintain an office in the state where the order was received.
Which of the following persons would be considered an investment adviser under the Investment Advisers Act of 1940?
Which of the following persons would be considered an investment adviser under the Investment Advisers Act of 1940? A firm offering wrap accounts is considered an investment adviser.
Which of the following are not required to register as investment advisers under the Investment Advisers Act of 1940 persons who give advice?
Who of the following persons is exempt from registration with the SEC under the Investment Advisers Act of 1940? Under the Investment Advisers Act of 1940, persons who provide securities advice solely to insurance companies are exempt from registration.
Which of the following is exempt from the requirement to register as an investment adviser in a state?
Exempt from registration as an investment adviser (meaning that they are defined as an investment adviser but are not required to register in the state) are persons who have no place of business in the state and whose sole client is another adviser. Federally Covered Advisors; Broker-Dealers; Depository Institutions; Insurance …
When may an individual sell securities as a registered agent for more than one broker-dealer?
“An individual is related to a broker-dealer or issuer with whom the agent acts by direct or indirect common control, or by regulation or order under this [Act].”
Which of the following is not subject to the registration requirements of the Securities Act of 1933?
Foreign Currency Contracts; Foreign currency contracts are not securities and are therefore not subject to the 1933 Act (although foreign currency option contracts traded on the Philadelphia Stock Exchange are subject to the Act).
Which of the following is not true of the Securities Act of 1933?
Which of the following is NOT true about the Securities Act of 1933? Securities issued online are not subject to the 1933 Act.
Who is excluded from the definition of a broker-dealer?
Investment advisers. Banks, issuers, agents, and certain out-of-state broker-dealers are excluded from the definition of broker-dealer.
Which of the following are exemptions under the definition of investment adviser?
Investment advisers are exempt from the requirement to register with the SEC under the private fund adviser exemption if they advise only “private funds” and have less than $150 million in total “regulated assets” in the United States.
Which of the following are exempt from registration under the Uniform Securities Act?
Under the Uniform Securities Act, unregistered private placements may not be offered to more than 10 prospective purchasers, except to financial institutions and other broker/dealers. Transactions by executors, sheriffs, marshals, trustees, receivers, administrators, guardians, and guardians ad litem are exempt.
Which of the following securities is are exempt from registration under the Uniform Securities Act?
All government and municipal securities are exempt from registration requirements under the Uniform Securities Act, as are the securities of insurance companies, if the company is authorized to do business in this state.
Which of the following is not regulated by the Securities Exchange Act of 1934?
Insider Trading Regulations. The Securities Exchange Act of 1934 covers all of the following exceptions A) Transactions in corporate securities.
Who is not considered an investment advisor?
However, individuals whose advice is merely incidental to their business may not be considered advisors. 9 For example, some financial planners and accountants may be considered advisors, while others may not.
Which of the following must be included in an investment advisory contract under nasaa rules?
Which of the following must be included in an investment advisory agreement under NASAA rules? Disclosure that management fees on equity securities may be higher than management fees on debt securities. An investment adviser is “acquired” by another adviser firm.
Which order is not required to be retained as a record by a broker dealer?
Which order does a broker-dealer not have to retain as a record? Subscription orders based on rights offerings.
Which of the following acts established the Securities and Exchange Commission SEC )?
The SEC was created by the passage of the U.S. Securities Act of 1933 and the Securities Exchange Act of 1934. This was primarily in response to the stock market crash of 1929 that led to the Great Depression.
When an agent changes employment from one broker/dealer to another the agent’s registration must be transferred?
D; If an agent changes locations, the old broker-dealer must notify management that the agent is no longer registered with that firm. The new broker-dealer must notify the administrator that the agent is registered with the new firm. The agent must notify the administrator of the change.
Which of the following is an acceptable investment advisory contract provision under the Uniform Securities Act?
Which of the following investment advisory contract provisions are permissible under the Uniform Securities Act? The best answer is C. An investment adviser may receive a fee based on a percentage of all assets under management. However, they cannot be compensated based solely on capital gains achieved.
Which of the following persons must register as an investment adviser under the Uniform Securities Act?
Any person, including broker/dealer agents, who charges a specific fee for advice and makes themselves available to the public as a provider of investment advice is required to register as an investment advisor.
Which of the following securities is not exempt from the registration provisions of the Securities Act of 1933?
Bonds are non-exempt securities that must be registered with the SEC under the Securities Act of 1933.
Which of the following statements is correct regarding an unsolicited trade in an unregistered nonexempt security?
Which of the following statements is true regarding one-way trading of unregistered, non-exempt securities? A transaction is exempt if the broker-dealer does not maintain an office in the state where the order was received.
What is a broker-dealer agent?
Key Takeaway. A broker-dealer is a financial entity that engages in trading securities on behalf of a client, but may also trade with itself. A broker-dealer functions as a broker or agent when executing orders on behalf of a client and as a dealer or principal when trading with its own account.
Which of the following are exempt transactions for issuers under the 1933 Act?
Exempt transactions are securities transactions that are exempt from the registration requirements of the Securities Act of 1933. Four typical examples of trading exemptions in the United States include 1) Regulation A offerings, 2) Regulation D offerings, 3) internal offerings, and 4) Rule 144 offerings.
What does the Securities Act of 1933 do quizlet?
The Securities Act of 1933 requires registration of all new non-exempt issues of securities sold to the public. Generally, exempt issues include municipal securities, U.S. government securities, bank issues, and nonprofit organization securities.
What is the primary purpose of the Securities Act of 1933 quizlet?
The primary purpose of the Securities Act of 1933 was to provide full disclosure of all relevant information regarding new security issues.
Which of the following is not a function of Securities and Exchange Commission?
Establishing a national trading facility for all types of securities – that is not the purpose of SEBI. The overall objective of SEBI is to protect the interests of investors, promote the development of stock exchanges, and regulate the activities of the stock market.
Which of the following are excluded from the definition of an investment advisor under the Uniform Securities Act?
Excluded from the definition of investment adviser are employees of investment advisers, who must register separately as agents of state advisers. Regulated depository institutions and broker-dealers add both the state and federal levels based on other laws.
Who is exempt from registering as an investment advisor?
Investment advisers are exempt from the requirement to register with the SEC under the private fund adviser exemption if they advise only “private funds” and have less than $150 million in total “regulated assets” in the United States.
Which of the following comes under an exemption from registration status of the Investment Advisers Act of 1940?
Who of the following persons is exempt from registration with the SEC under the Investment Advisers Act of 1940? Under the Investment Advisers Act of 1940, persons who provide securities advice solely to insurance companies are exempt from registration.
Which of the following securities are exempt from registration under the Uniform Securities Act?
All government and municipal securities are exempt from registration requirements under the Uniform Securities Act, as are the securities of insurance companies, if the company is authorized to do business in this state.
Which of the following would be defined as a sale or offer under the Uniform Securities Act?
Which of the following is defined as a “sale” or “offer” under the Uniform Securities Act? An agreement to sell a security for value, or an interest in a security.