Securities & Investment Products Flashcards
6 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 6 Securities & Investment Products flashcards as text
Which of the following is TRUE about registration by qualification under the Uniform Securities Act?
Answer: It is the most comprehensive form of state registration and can stand alone without SEC registration
Registration by qualification is a full state-level registration that does not depend on SEC registration and is used when other methods are unavailable.
Under the USA, which of the following is an example of a 'covered security' that preempts state registration?
Answer: A security listed on the NYSE
Securities listed on national exchanges like the NYSE are 'covered securities' under NSMIA and preempt state registration requirements.
A variable annuity contract is considered a security and must be sold by a person registered as which of the following?
Answer: A registered representative or investment adviser representative
Variable annuities are securities and must be sold by individuals holding appropriate securities licenses, such as a registered representative.
Under the Uniform Securities Act, which of the following would be considered an 'offer to sell' a security?
Answer: A gift of assessable securities
A gift of assessable securities (which can impose future obligations on the recipient) is considered an offer to sell under the USA.
Which of the following is TRUE about exempt securities under the Uniform Securities Act?
Answer: The exemption applies only to the registration requirement, not to anti-fraud rules
An exemption from registration does not exempt a security from anti-fraud provisions, which apply to all securities transactions.
Under the Uniform Securities Act, securities sold in a Regulation D private placement are typically treated as which type of transaction?
Answer: Exempt transaction
Regulation D private placements qualify as exempt transactions under the USA, relieving the issuer of state registration requirements.
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