Definitions and Registration Requirements Flashcards
6 cards from real Series 63 – Uniform Securities Agent State Law Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Definitions and Registration Requirements flashcards as text
Which of the following individuals is excluded from the definition of 'agent' under the USA?
Answer: An employee who represents an issuer in selling exempt securities and receives no commission
An individual representing an issuer in selling exempt securities and receiving no commission-based compensation is excluded from the definition of agent.
What information is required on Form U4 when registering as an agent under the USA?
Answer: Disclosure of felony convictions and certain misdemeanor convictions, among other background information
Form U4 requires detailed disclosure including criminal history, regulatory actions, civil judicial actions, customer complaints, and employment history.
Which of the following securities is a 'covered security' that preempts state registration requirements?
Answer: Securities listed on the NYSE
Securities listed on national exchanges like the NYSE are 'covered securities' under NSMIA and are exempt from state registration requirements.
Under the USA, a broker-dealer that has no office in a state and only deals with institutional clients in that state may qualify for which status?
Answer: Exempt from state registration
Broker-dealers with no place of business in a state who deal exclusively with institutional investors may be exempt from state registration.
What must a registered agent do when terminating employment with a broker-dealer under the USA?
Answer: Notify the Administrator and the broker-dealer promptly of the termination
Both the agent and the broker-dealer must promptly notify the Administrator when an agent terminates their employment with the firm.
Under the USA, which entity has the authority to deny an initial registration application?
Answer: The state Administrator
The state Administrator has the authority to deny, suspend, or revoke registrations under the USA.
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