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
Under the USA, which of the following is NOT considered an investment adviser?
Answer: A bank providing advice solely in its banking capacity
Banks are specifically excluded from the definition of investment adviser under the USA when providing advice solely in their banking capacity.
Under the USA, the registration of a securities offering becomes effective how many days after filing, if the Administrator takes no action?
Answer: 20 days
Under the USA, a registration by coordination or qualification automatically becomes effective 20 days after filing if the Administrator takes no action.
Which form is used by investment adviser representatives to register under the USA?
Answer: Form U4
Investment adviser representatives register using Form U4, which is the Uniform Application for Securities Industry Registration.
Under the USA, which of the following is true about the registration of agents?
Answer: An agent may be registered with more than one broker-dealer only if both broker-dealers are affiliated
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.
What is the purpose of the 'post-effective amendment' requirement for registered securities offerings under the USA?
Answer: To update material changes to registration information after the registration becomes effective
Post-effective amendments are required to update the registration with material changes that occur after the offering becomes effective.
Which of the following securities is NOT exempt from registration under the USA?
Answer: Securities of a brand new startup company
Securities of a brand new startup do not qualify for any of the standard exemptions and must be registered unless an applicable transaction or security exemption applies.
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