Series 63 – Uniform Securities Agent State Law Exam Definitions and Registration Requirements 3

Question 1

Under the USA, which of the following is NOT considered an investment adviser?

Accepted Answer

A bank providing advice solely in its banking capacity

Answer

Banks are specifically excluded from the definition of investment adviser under the USA when providing advice solely in their banking capacity.

Question 2

Under the USA, the registration of a securities offering becomes effective how many days after filing, if the Administrator takes no action?

Accepted Answer

20 days

Answer

Under the USA, a registration by coordination or qualification automatically becomes effective 20 days after filing if the Administrator takes no action.

Question 3

Which form is used by investment adviser representatives to register under the USA?

Accepted Answer

Form U4

Answer

Investment adviser representatives register using Form U4, which is the Uniform Application for Securities Industry Registration.

Question 4

Under the USA, which of the following is true about the registration of agents?

Accepted Answer

An agent may be registered with more than one broker-dealer only if both broker-dealers are affiliated

Answer

Under the USA, an agent may be registered with more than one broker-dealer only if those broker-dealers are under common control or affiliated.

Question 5

What is the purpose of the 'post-effective amendment' requirement for registered securities offerings under the USA?

Accepted Answer

To update material changes to registration information after the registration becomes effective

Answer

Post-effective amendments are required to update the registration with material changes that occur after the offering becomes effective.

Series 63 – Uniform Securities Agent State Law Exam Practice Test

Series 63 – Uniform Securities Agent State Law Exam Practice Test

Series 63 – Uniform Securities Agent State Law Exam Definitions and Registration Requirements 3