Wiley FINRA Series 63 Exam Review 2017: The Uniform Securities Sate Law Examination by Wiley

Author:Wiley
Language: eng
Format: mobi
ISBN: 9781119403142
Publisher: Wiley
Published: 2017-02-27T08:00:00+00:00

Chapter 3: Registration of Broker Dealers, Investment Advisers, and Agents

(D) A broker dealer may not employ a person as an agent unless that person is duly registered.

(C) A broker dealer that meets the SEC's net capital requirement is exempt from the requirement.

(C) An investment adviser is limited to giving advice to five clients or fewer during a 12-month period under the de minimis exemption.

(D) All of the partners must register because all of them act in a sales capacity by managing portfolios at the time the firm initially registered. Partners who do not act in a sales capacity are not required to register.

(C) The pension consultant with $300,000,000 in assets must register with the SEC. All of the others are exempt unless they receive a specific fee for the advice.

(C) An investment adviser with between $100,000,000 and $110,000,000 may select either federal or state registration, depending on the prospects for receiving additional funds.

(D) At the time a client enters into a new advisory relationship all of the choices must be disclosed except the representative's compensation.

(C) An agent is exempt from registration if the agent represents an exempt issuer. A Canadian corporation is not an exempt issuer.

(D) The adviser whose assets have fallen to less than $90,000,000 must withdraw its federal registration.

(D) When an agent changes employment, the old employer, the new employer, and the agent all must notify the administrator.

(C) A broker dealer may also be registered as an investment adviser and may be a corporation or an individual.

(A) An investment adviser must keep books and records for five years, but two years readily accessible.

(C) A Canadian broker dealer in good standing with a Canadian securities regulator can register through a simplified registration process.

(B) An agent is not required to meet any financial solvency requirements.

(C) An investment adviser who does not have custody of client funds is not subject to the $35,000 requirement.

(C) The investment adviser must register in this case. An exemption is given to advisers who have given advice to five or fewer individuals in 12 months.

(A) Investors who open wrap accounts will be charged one fee for advice and execution. The investor must receive Schedule H at the time the account is opened.

(A) All registrations expire on December 31.

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