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FINRA Series63 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Regulations of Investment Advisers and Representatives | 15% | - Advertising and recordkeeping rules - Registration and exclusions - Fiduciary duties and disclosure requirements |
| Topic 2: Regulations of Agents and Broker-Dealers | 25% | - Recordkeeping and reporting obligations - Registration requirements and exemptions - Supervision and compliance responsibilities |
| Topic 3: Prohibited Practices and Ethical Obligations | 20% | - Fraudulent and unethical business conduct - Disclosure and fair dealing - Administrative remedies and enforcement |
| Topic 4: State Securities Acts and Related Rules & Regulations | 40% | - Registration of securities and exemptions - Regulation of broker-dealers and agents - Regulation of investment advisers and representatives - Definitions and jurisdiction |
FINRA Uniform Securities Agent State Law Examination Sample Questions:
An agent cannot tell a client that a mutual fund is "no load" if the fund has
I. a front-end load
II. a contingent deferred sales load
III. 12b-1 fees
- A. I or III only
- B. I or II only
- C. I only
- D. I, II or III
Correct Answer: B 🗳️
Explanation: Only visible for BootcampPDF members. You can sign-up / login (it's free).
Sam Shade had his agent's license revoked by the state of Washington for repeatedly making misleading claims about various investment to investors. He had had it with all the rain anyway and decided to move to the sunshine state of Florida. His brother-in-law was a computer whiz who made money on the side (more than his day job provided, in fact) by supplying illegal immigrants with official-looking documentation, including social security numbers. Sam Shade became Ian Creed in a few clicks of the mouse. As Ian Creed, Sam was hired by Sunny Investment Advisers, an investment adviser firm located in the Florida Keys, in a clerical role. As such, Sam/Ian had access to the confidential information of the firm's clients, which he and his brother-in-law utilized for the purpose of identity theft. Under the Uniform Securities Act guidelines, when Sam and his brother-in-law are caught in their illegal activities,
- A. Sunny Investment Advisers will be subject to both criminal prosecution and civil penalties for employing an individual whose license had been revoked by the Administrator of another state since it obviously did not use due diligence in hiring Ian Creed, aka Sam Shade.
- B. Sunny Investment Advisers will be subject to criminal prosecution for employing an individual whose license had been revoked by the Administrator of another state since it obviously did not use due diligence in hiring Ian Creed, aka Sam Shade.
- C. Sunny Investment Advisers will not be held liable if it can prove that there was no way it could have or should have known of the revocation of Sam Shade's (aka Ian Creed) license.
- D. Sunny Investment Advisers will be subject to civil penalties for employing an individual whose license had been revoked by the Administrator of another state.
Correct Answer: C 🗳️
Explanation: Only visible for BootcampPDF members. You can sign-up / login (it's free).
Which of the following describes a prohibited practice in the sale of shares of investment companies?
I. Sandy Slacker hands her client the fund's prospectus and tells him that the prospectus will provide him all that he needs to know about loads and fees associated with the fund.
II. Elliot Eager tells a client who has an investment objective that includes current income that a certain bond fund has a current yield of 8% and provides the client with a prospectus so that the client can peruse the average annual returns that the fund has generated in past years when the client has the time.
III. After explaining all the fees and loads involved in two different bond funds as well as the difference between current yield and total return, Patty shows the client the data on the average annual returns that the two bond funds provided. She explains to the client that the municipal bond fund has a lower yield than the similar-risk corporate bond fund because the interest income the client will receive from the municipal bond fund will be free from federal taxation, while the interest income on the corporate bond fund is fully taxable.
- A. I and III only
- B. I and II only
- C. All the choices describe prohibited practices in the sale of shares of investment companies.
- D. I only
Correct Answer: B 🗳️
Explanation: Only visible for BootcampPDF members. You can sign-up / login (it's free).
Which of the following are accurate statements regarding the minimum financial requirements for investment advisers according to the NASAA Model Rules?
I. Any investment adviser who has discretionary authority over a client's assets, but who does not have actual custody of client funds or securities, is required to maintain a minimum net worth of $10,000 at all times.
II. An investment adviser who requires that a fee of more than $500 from his clients be paid six months or more in advance must maintain a positive net worth at all times.
III. Only an investment adviser who has actual custody of client assets is subject to a minimum net worth requirement, which the NASAA Model Rules specifies is $10,000.
- A. I and II only
- B. II and III only
- C. I only
- D. III only
Correct Answer: A 🗳️
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Bob Gogetter is an agent with CanDo Broker-Dealers. One of Bob's clients is out of the country and cannot be contacted. The client holds some stock in a company that just released some information that should make its stock price soar. Bob knows that this client would probably want to increase his holdings, so Bob opens a margin account for his client and borrows the money to buy shares. As it happened, the stock price did soar, and Bob's client earned a sizeable profit.
Is Bob in violation of any securities acts?
- A. No, but only because Bob's client profited from Bob's intervention. If the stock had declined in.
- B. Yes. It is against the law for an agent to open a margin account for a client without the client's.
- C. Yes. Bob is guilty of prohibited practice of churning.
- D. No. Bob has a fiduciary responsibility to his client to act in his best interest, and Bob knew this.
Correct Answer: B 🗳️
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