Ethics & Professional Responsibility 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 Ethics & Professional Responsibility flashcards as text
Under Regulation S-P, when must an adviser give a new customer its initial privacy notice?
Answer: No later than when the customer relationship is established
The initial privacy notice is due at or before the establishment of the customer relationship.
Before an adviser shares a client's nonpublic personal information with a nonaffiliated third party, generally outside exceptions, the client must be given:
Answer: A reasonable opportunity to opt out
Regulation S-P requires notice and an opportunity to opt out before sharing nonpublic personal information with nonaffiliated third parties, subject to exceptions.
An adviser's advertisement lists only the profitable stock recommendations it made over the past several years. This is:
Answer: Misleading cherry-picking and a prohibited practice
Advertising past specific recommendations is misleading unless it includes a complete list of recommendations with required disclosures.
An adviser's brochure says, "Our registration with the state means the state has approved our skills and advice." This statement is:
Answer: Misleading and prohibited
Representing or implying that registration indicates state approval, endorsement or sponsorship is unlawful.
Which situation allows an adviser to disclose client information without client consent?
Answer: Responding to a valid subpoena or regulatory examination
Disclosures required by legal process or regulators are an exception to confidentiality obligations.
How long must a state-registered investment adviser generally keep its required books and records?
Answer: Five years
Advisers must preserve required records for five years, the first two in an appropriate office.
Which delivery obligation applies to an adviser's Form ADV Part 2A brochure?
Answer: Deliver it before or at the time of entering the advisory contract
The brochure must be delivered before or when the advisory contract is signed, with annual updates or a summary of material changes thereafter.
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