An investment adviser representative quits her employment with a State-registered adviser so that she can move to another State. She learns that the advisory firm with which she was employed did not notify the Administrator of her termination. Which state
B. The IAR is required to notify the Administrator of the termination
If a representative of an investment adviser terminates employment, the adviser must notify the Administrator promptly. If the representative learns that the adviser has not given notic
Which statements are TRUE regarding licenses held by broker-dealers and agents?
I If a broker-dealer's license is suspended, all of its agents' licenses are suspended
II If an agent's license is suspended, the broker-dealer's license is suspended
III If t
B. I and III
An agent's license is effective only if that individual is associated with a broker-dealer. If the broker-dealer's license is revoked, all of its agents' licenses are revoked. However, those agents may associate with another broker-dealer, an
Under the Uniform Securities Act, who must notify the State Administrator when an agent disassociates from his or her broker-dealer?
A. Agent
B. Broker-dealer
C. Neither of the above
D. Both of the above
D. Both of the above
Under the Uniform Securities Act, when an agent associates with a broker-dealer; or terminates those activities that make him an agent; both the agent and the broker-dealer must notify the State Administrator promptly.
Which of the following persons would be defined as an "agent" under the Uniform Securities Act?
A. April Showers, an administrative assistant in the Treasurer's Department at Rainwear Industries, who sells Rainwear common stock to Rainwear employees under
C. Marvin Mercenary, the President of Capital Industries, who sells Capital Industries common stock to the public
Which one of the following items would be included in the computation of an individual investment adviser's net capital?
A. Copyright owned by the adviser
B. Franchise right owned by the adviser
C. Home furnishings owned by the adviser
D. Securities owned
D. Securities owned by the adviser
If a representative that transacts business in a State terminates employment with an investment adviser, notice must be given to the Administrator by the:
I Investment Adviser
II Officer or Director of the Investment Adviser
III Investment Adviser Represe
B. I and III
If a representative of an investment adviser terminates employment, the adviser must notify the Administrator promptly. Notice that this is different than the requirement for a broker-dealer, where both the terminated agent and the broker-dea
An officer of an issuer is engaged in the sale of that issuer's securities to the public. The issuer's securities are federal covered. The officer is:
A. excluded from the definition of an agent because the securities involved are federal covered
B. not d
C. defined as an agent who must register in the State
State "blue sky" laws provide for:
I Registration of broker-dealers
II Registration of agents
III Registration of investment advisers
IV Registration of issuers
A. I and II only
B. III and IV only
C. I, II, III
D. I, II, III, IV
C. I, II, III
NASAA has the power to set record retention rules for a Federal Covered Adviser that cover which of the following records?
I Communications to 2 or more persons
II E-mails to clients
III Trial balances
IV General ledger
A. I and II only
B. III and IV only
D. None of the above
NASAA does state not federal
To register a successor firm with the State Administrator for the unexpired portion of the current license year, which statement is NOT true?
A. The predecessor firm must have ceased business operations and can only conduct winding down transactions
B. Th
B. The successor firm must continue business operations through the end of that license year
An investment adviser representative of a Federal Covered adviser with no office in the state only has insurance companies as clients. Where must the adviser representative register?
A. SEC
B. State
C. Both the SEC and the State
D. Neither the SEC nor the
D. Neither the SEC nor the State
A BD application is received by the State Administrator for a new broker-dealer subsidiary of a Swiss securities firm. The application includes the disclosure that the parent firm was suspended from membership on the Deutsche Bourse 6 years ago because of
A. cannot deny registration based on the suspension that was imposed by a foreign regulator
A broker-dealer that has a place of business in State A would be required to register in State A if it:
I sold securities to customers in State A
II made an offer to sell securities to customers in State A
III effects securities transactions solely with i
D. I, II, III, IV
Under NASAA rules, which record is NOT required to be retained by an investment adviser?
A. Written customer complaint received 4 years ago
B. Advertising copy distributed to the public 2 years ago
C. Trial balance of the investment adviser prepared 1 yea
D. Customer account statements prepared 6 years ago
5 years is the time
Under the Uniform Securities Act, which of the following would be required to register as an investment adviser representative? A person who:
A. effects sales of advisory services for an Investment Adviser
B. renders advice about the advisability of inves
A. effects sales of advisory services for an Investment Adviser
You are an agent registered in a State where you have a customer. The customer will be going to college in another State. May the agent still do business with the customer, even though the agent is not registered in the State where the student is going to
C. Yes, because the student is not considered to be a resident of the state where he or she is attending college
The registration of a broker-dealer may be revoked for which of the following reasons?
I The firm does not maintain required records
II The firm does not file financial reports with the Administrator
III The firm does not file advertising with the Adminis
C. I, II, III
If an agent of a broker-dealer wishes to withdraw his registration, which of the following statements are TRUE?
I Both the agent and the broker-dealer must notify the Administrator
II Notification to the Administrator of the withdrawal must be made prompt
C. I, II, III
A customer of a broker-dealer that is located in California moves to Nevada. The broker-dealer is registered in both States. The agent that handles the account wishes to remain the agent of record on the account. In order to do so, the agent:
A. is not re
C. must register in Nevada
If an agent of a broker-dealer terminates employment, notice must be given:
I promptly to the Administrator
II to the Administrator within 30 days
III by the agent only
IV by both the agent and the broker-dealer
A. I and III
B. I and IV
C. II and III
D. I
B. I and IV
A registration application is considered to be "complete" when the proper documents:
A. are sent to the Administrator
B. and the filing fee are sent to the Administrator
C. are received by the Administrator
D. and the filing fee are received by the Admini
D. and the filing fee are received by the Administrator
Which of the following can cause the Administrator to deny an application for registration?
A. The applicant was convicted of a Driving Under the Influence misdemeanor 4 years ago
B. The applicant plead guilty to a minor traffic violation 2 years ago
C. T
C. The applicant is the subject of an order from a Canadian court suspending registration as a securities representative
A Registered Investment Adviser (RIA) headquartered and registered in State X gives advice only to insurance companies, pension plans and investment companies. The RIA has no office in any other State. The adviser does business in State Y and receives a l
C. The RIA will not be required to be registered in State Y because it has no office there and it only deals with professional investors
Which of the following individuals is defined as an "agent" under the Uniform Securities Act?
I An individual who represents a broker-dealer selling exempt securities to the public
II An individual who represents a broker-dealer selling securities listed
A. I and II only
Which statement is TRUE about registering a marketing officer of an Investment Adviser as an Investment Adviser Representative (IAR) with the State?
A. The marketing officer of an Investment Adviser is not registered as an IAR
B. The marketing officer of
B. The marketing officer of an Investment Adviser will be automatically registered when the Investment Adviser registration is filed in the State
Under the Uniform Securities Act, which of the following persons are EXCLUDED from the definition of a "Broker-Dealer"?
I An issuer of securities
II An agent of an issuer of securities
III An agent of a broker-dealer
IV A person who has a place of busines
C. I, II, III
An Investment Adviser falls below the minimum net capital required by the State on Monday. The IA must file a report with the Administrator no later than:
A. Tuesday of that week
B. Wednesday of that week
C. Thursday of that week
D. 10 business days after
B. Wednesday of that week
A person who renders advice on variable annuities for a fee; and who then sells the annuities, charging a commission, MUST:
I register as an investment adviser in that State
II register as a broker-dealer in that State
III register as an agent in that Sta
B. I and II
Which person would be required to register as a broker-dealer in a State?
A. A person with no place of business in the State who conducts securities transactions with the issuer of non-exempt securities
B. A person with no place of business in the State w
B. A person with no place of business in the State who represents an issuer in the sale of exempt securities to non-institutional customers for compensation
An Investment Adviser Representative is employed by ECCO Advisers, a Federal Covered adviser. ECCO Advisers has its only office in State Y, and has made a notice filing the State Y's Administrator. The IAR gives seminars to potential clients in State Z, w
C. required to be registered in both State Y and State Z
The State Administrator, as a condition of registration in the State as an investment adviser, can require the:
A. incorporation of the investment adviser in the State
B. publication of an opening announcement in a local newspaper
C. filing of the names a
B. publication of an opening announcement in a local newspaper
When an agent changes employment from one broker-dealer to another, the agent's registration must be transferred:
A. immediately
B. within 10 days
C. within 30 days
D. at renewal time
A. immediately