Regulatory Frameworks & Compliance 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 Regulatory Frameworks & Compliance flashcards as text
Under the Uniform Securities Act, an individual employed by an issuer to sell the issuer's non-exempt securities to the public is classified as a(n):
Answer: Agent
An agent is any individual who represents a broker-dealer or issuer in effecting securities transactions.
An investment adviser with $150 million of assets under management is registered with the SEC. What may a state generally require of this adviser?
Answer: A notice filing and payment of fees
Federal covered advisers cannot be required to register with the state, but the state may require a notice filing and fees.
Securities sold under a Rule 506 Regulation D offering are covered securities. What may a state still require?
Answer: A notice filing and fee
States may require only a notice filing (Form D) and fee for Rule 506 offerings.
The administrator may deny or revoke a broker-dealer's registration if the applicant has been convicted of a felony within the past:
Answer: 10 years
The Act allows action for any felony conviction within the past 10 years, or a securities-related misdemeanor at any time.
Under the Uniform Securities Act, an agent's registration expires on:
Answer: December 31 of each year
Registrations of broker-dealers, agents, advisers, and IARs expire December 31 and must be renewed.
A customer wishes to sue under the civil liability provisions of the Uniform Securities Act. The suit must be brought within:
Answer: 2 years of discovery, no more than 5 years from the contract
The Act's limit is two years after discovery of the violation and no more than five years after the contract of sale.
The maximum criminal penalty under the Uniform Securities Act for a willful violation is a fine of up to $5,000, imprisonment of up to:
Answer: 3 years
The Act provides up to $5,000, up to 3 years in prison, or both.
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