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 Uniform Securities Act, which of the following is NOT considered a security?
Answer: A fixed annuity
Fixed annuities are insurance products, not securities, and are therefore excluded from the definition of a security under the USA.
Under the USA, which of the following persons qualifies as an 'agent'?
Answer: An individual who represents a broker-dealer in effecting securities transactions
An agent is any individual who represents a broker-dealer or issuer in effecting or attempting to effect transactions in securities.
Which of the following is required for a broker-dealer to legally conduct business in a state under the USA?
Answer: State registration with the Administrator
Broker-dealers must register with the state Administrator unless they qualify for an exemption or are federally covered.
Under the USA, the term 'issuer' refers to which of the following?
Answer: Any person who has issued or proposes to issue any security
Under the USA, an issuer is broadly defined as any person who has issued or proposes to issue any security.
Who is the state official responsible for administering the Uniform Securities Act in a state?
Answer: The Administrator
The Administrator is the state official or agency designated to administer and enforce the provisions of the USA.
Under the USA, how long is an initial registration effective once granted?
Answer: Until December 31 of the year granted, unless renewed
Registrations under the USA are effective until December 31 of the calendar year in which they are granted, after which they must be renewed.
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