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Series 63 > Glossary > Flashcards

Glossary Flashcards

1
Q

Accredited investor

A

Investor meeting certain net worth/income requirements

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2
Q

Adjudicatory hearing

A

Hearing before administrator to determine if denial, suspension or revocation should be issued

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3
Q

Administrator

A

Official or agency designated by governor or legislature to administer laws and rules of the state

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4
Q

Agent

A

Individual other than broker-dealer representing a broker-dealer or issuer effecting transactions in securities

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5
Q

Annuity

A

Contract that promises to make payments for specified time period

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6
Q

Abritrage

A

Exploiting price differentials

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7
Q

B-share

A

Share class with no front end load but imposing declining back end load

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8
Q

Back-end load

A

Declining sales charge imposed on b shares when the investor sells

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9
Q

Backing away

A

Violation in which market maker fails to honor published price

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10
Q

Breakpoint

A

Quantity based discount offered on purchases of a-shares

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11
Q

Breakpoint selling

A

Violation in which investor does not receive quantity based discount

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12
Q

Broker-dealer

A

Person in business of effecting transactions in securities for others or own account

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13
Q

Contumacy

A

Disregarding an administrators order

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14
Q

Debenture

A

Bond secured by no specific collateral

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15
Q

Deferred annuity

A

Investor funds contract but delays withdrawals

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16
Q

Disgorgement

A

Order to return ill gotten profits

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17
Q

Distributor

A

Sponsor/underwriter with financial interest in marketing and selling

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18
Q

Effect

A

To complete

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19
Q

Enjoin

A

To issue an injunction that restrains someone’s activities under threat of penalties

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20
Q

Federal covered advisor

A

Advisor registered exclusively with the sec

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21
Q

Federal covered security

A

Security not subject to states requirements for filing of advertising materials and registration

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22
Q

General obligation

A

Muni bond

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23
Q

Gnma

A

Direct obligation of U.S. government

24
Q

Grantor

A

Person who created and transfers assets to a trust

25
Q

Guarantee

A

Promise by someone other than issuer to pay interest, principal or dividends

26
Q

Hypothecation

A

Pledging securities

27
Q

Injunction

A

Court order to prevent person from committing further violations of securities law

28
Q

Insolvent

A

More liabilities than assets

29
Q

Investment advisor

A

Person who receives compensation for providing advice

30
Q

Investment advisor representative

A

Individual who represents investment advisory firm

31
Q

Issuer

A

Anyone who issued or proposed to issue any security

32
Q

Keogh plan

A

Qualified retirement plan for sole proprietors

33
Q

K-1

A

Tax form filed by owners of partnership and s-corp interests

34
Q

Market maker

A

Firm that supplies bid and ask prices

35
Q

National securities market improvement act

A

Separated federal covered securities and advisors from state

36
Q

Non-issuer transaction

A

Transaction between two investors

37
Q

Non-qualified variable annuity

A

Contract purchased with after tax dollars

38
Q

Non-recourse loan

A

Loan to partnership for which partners aren’t personally liable

39
Q

OID

A

Original issue discount

40
Q

OSJ

A

Office of supervisory jurisdiction

41
Q

Painting the tape

A

Form of market manipulation

42
Q

Parity

A

Market price of convertible bond exactly equals market value of underlying shares

43
Q

Passive income

A

Not eligible for an Ira contribution

44
Q

Private placement

A

Unregistered securities sold through transaction exempt from securities act

45
Q

Recission

A

Act of rescinding previous transaction by which sells purchases securities sold in violation plus interest less income

46
Q

Tippee

A

Person who received insider information

47
Q

Unit investment trust

A

Investment company security distinct from w face amount certificate

48
Q

UGMA accounted

A

Established by adult for benefit of minor up states age of majority

49
Q

UTMA account

A

Established by adult for benefit of child who will have title to assets at age 25

50
Q

Uniform prudent investor act

A

Spells out fiduciary obligations for investment managers managing trust accounts

51
Q

Variable life insurance

A

Life insurance contract and security with cash value and death benefit tied to investment results

52
Q

Viatical settlement

A

Person buys another life insurance policy and cashed it when insured dies

53
Q

Wash sale rule

A

Requires investors who sell a security at capital loss to wait 39 days before and after sale to repurchase

54
Q

Withdrawal

A

Non punitive order to withdraw registration

55
Q

A-shares

A

Funds charging front end sales charge

Series 63 (1 decks)

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