Document Preparation & Filing Flashcards
7 cards from real Series 66 – Uniform Combined 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 7 Document Preparation & Filing flashcards as text
A new firm hires an agent who is currently registered with another firm. Who files Form U4 for the new relationship?
Answer: The new employer
The new employer files a new Form U4 and the registration is transferred through CRD.
Form U5 must be provided to which party in addition to the regulators?
Answer: The agent
The firm must give the terminated individual a copy of the Form U5 as filed.
Which of the following is disclosed in Form ADV Part 2A?
Answer: Fees and compensation, conflicts of interest and disciplinary history
Part 2A covers services, fees, conflicts, disciplinary history, and other firm-level information.
If an adviser's annual brochure update contains no material changes, what must it deliver to clients within 120 days after fiscal year-end?
Answer: Either the updated brochure or a summary of material changes
Advisers must deliver annually the current brochure or a summary of material changes with an offer to provide the full brochure.
Which fingerprint requirement applies to agents registering through CRD?
Answer: Fingerprints are submitted and processed through FBI checks
Agents file fingerprints with Form U4 for a background check.
An investment adviser with custody of client funds may be required by the state to do what?
Answer: Post a surety bond or meet net worth requirements
State rules may require a bond or minimum net worth for advisers with custody.
Which of these statements about Form 13F is correct?
Answer: Institutional managers exercising discretion over at least $100 million in 13(f) securities file it quarterly
Form 13F is an SEC quarterly holdings report from institutional managers with at least $100 million in 13(f) securities.
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