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
The Securities Act of 1933 primarily regulates which of the following?
Answer: Registration and disclosure for new issues in the primary market
The 1933 Act, the 'truth in securities' law, governs the primary market through registration and prospectus delivery.
Which federal law created the Securities and Exchange Commission?
Answer: Securities Exchange Act of 1934
The Securities Exchange Act of 1934 established the SEC and regulates secondary trading.
Before making a public offering, an open-end investment company must have a minimum net worth of:
Answer: $100,000
The Investment Company Act of 1940 requires $100,000 net worth before a public offering.
Under Rule 144, the holding period for restricted securities of a reporting company is:
Answer: 6 months
Restricted stock of a reporting issuer must be held 6 months; non-reporting issuers require 1 year.
Under Regulation S-P, a firm must give customers an opt-out opportunity before sharing nonpublic personal information with:
Answer: Nonaffiliated third parties outside the regulatory exceptions
Opt-out rights apply to sharing with nonaffiliated third parties unless an exception applies.
SIPC protects a customer's account at a failed member firm up to:
Answer: $500,000 total, including $250,000 cash
SIPC covers up to $500,000 per customer, of which $250,000 may be cash.
Under federal telemarketing rules, cold calls to residential prospects may be made only between:
Answer: 8 a.m. and 9 p.m. recipient's local time
Calls are permitted from 8 a.m. to 9 p.m. in the recipient's local time zone.
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