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
Which of the following is an exempt security under the Uniform Securities Act?
Answer: Commercial paper maturing in 270 days or less
Commercial paper with a maturity of nine months (270 days) or less is exempt.
If a person refuses to comply with an administrator's subpoena, the administrator may:
Answer: Apply to a court for an order compelling compliance
The administrator may seek court enforcement of subpoenas.
An issuer relying on Rule 506 must typically file a state notice (Form D) within how many days after the first sale in the state?
Answer: 15 days
Form D notice filings are generally due 15 days after the first sale in the state.
Under the de minimis exemption, an investment adviser with no place of business in the state is exempt from registration if it has had fewer than how many clients in the state in 12 months?
Answer: 6
The exemption applies to advisers with fewer than six clients in the state during any 12 months and no place of business there.
Registration by coordination is available when a security is:
Answer: Being registered under the Securities Act of 1933 at the same time
Coordination is used for securities simultaneously registered federally and with the state.
A purchaser who wins a rescission claim under the Uniform Securities Act may recover:
Answer: The consideration paid plus interest, less income received, upon tender of the security
Rescission returns consideration plus interest, minus income, upon tendering the security.
Which of the following is an exempt transaction under the Uniform Securities Act?
Answer: An offer to a bank or insurance company
Transactions with institutional investors such as banks and insurers are exempt.
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