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Series 65 > Part 1 > Flashcards

Part 1 Flashcards

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Series 65 flashcards
1
Q

Not a person

A

Dead, Minor, mentally incompetent

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2
Q

Release IA-1092

A

Financial planners, Pension consultants, and sports/ entertainment reps

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3
Q

Exclusions for IA

A

Banks, Savings institutions, and trust companies

“LATE”

Broker-Dealers

publishers of general and regular circulation

person advising on government securities

IAR’s

Federal covered investment advisers

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4
Q

Exempt from SEC

A

Intrastate: no advise, no clients are private funds, and registered with the state

Insurance companies

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5
Q

Exempt from State

A

De Minimis: No place of business, 5 or fewer clients in 12 months

No place of business & Only deals with the institution, BD, or other advisers

Snowbird exemption

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6
Q

Who is considered under the Federal/SEC

A

federal registered, covered adviser, and federal covered advisers

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7
Q

Form ADV Part 1A

A

Business name/ form organization

past 5 years of business and current affiliations of control

edu background

nature of business

balance sheets certified by independent public accountant

scope of authority of client funds

compensation arrangement

criminal record

how much of the business is investment advise

consent to service of process

filing fee

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8
Q

Form ADV Part 1B

A

State registered advisers only

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9
Q

90 Days

A

Annual updating amendment to Form ADV

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10
Q

Annual updating amendment to Form ADV

A

90 days

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11
Q

Form ADV-W

A

withdrawl

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12
Q

discretion

A

$10,000

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13
Q

Custody

A

$35,000

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14
Q

below net worth notify the admin within how many days

A

1 Day

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15
Q

file financial report with admin within how many days

A

1 day

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16
Q

recordkeeping

A

keep at the office for two years in physical forms

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17
Q

Supervisors

A

Principle

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18
Q

IAR Exclusions

A

Clerical and administrative personal

individuals providing only impersonal investment advice

research analysts if no advisory clients

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19
Q

IAR Exemptions State

A

De Minimis rule

Snowbird rule

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20
Q

IAR Exemptions Fed

A

Covered adviser, only registered in states where the IAR maintains a place of business

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21
Q

Broker-dealer definition

A

a person engaged in the business of effecting securities transactions of accounts of others or for own account

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22
Q

Broker Dealers

A

Register with Both SEC and states in which they do business

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23
Q

helps bring new issues to issue

A

broker-dealer, underwriter, and investment banker

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24
Q

BD exclusions

A

agents

issuers

banks, savings institutions or trust companies

internet broker-dealer- general advise

BD with no office in the state who limits clients to issues of the security, other BD’s or institutional investors

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25
Q

BD’s Exemptions

A

USA: Canadian BD: limited registration

SEC exchange Act of 1934: intrastate BD

26
Q

Define agent

A

individuals representing a broker- dealer in effecting or attempting to effect purchases or sales or securities

individuals representing an issuer in effecting or attempting to effect purchases or sales of securities

27
Q

Agent exclusions (representing BD)

A

clerical and administrative personnel

Board member or capital contribution only

28
Q

Agent exclusions (USA- representing issuers)

A

an individual who represents an issuer in effecting transactions

exempt under USA

securities issued by one of the five specified exempt issuers

employees of the issuer and no compensation is recieved

29
Q

Agent exemptions

A

Bd is exempt from registration- agent doesn’t register

snowbird

client moves- agent cannot be registered in state if broker-dealer is not

no de minimis

30
Q

registration effect date (SEC)

A

Noon of the 30th day

31
Q

BD recordkeeping requirments

A

3 years

at the principals office for 2

32
Q

Define an investment contract

A

invesment of money

common enterprise where

a profit is anticipated

efforts of a third-party management

33
Q

Not a security

A

insurance,

retirment plans IRA, 401K

collectibles

commodity futures and actual commoditites

condominium for primary residence

currency

34
Q

Define Issuers

A

A person who issues or proposes to issue a security:

Primary transaction- money goes to issuer
can’t be government, corporation or partnership

35
Q

Non-issuer

A

person other than an issuer

36
Q

Security exemptions

A

US government, state and local municipal bonds, instrastate offering

37
Q

Exempt transactions

A

private placement under reg D

Rule 501- accredited investor

38
Q

USA security exemptions

A

short-term notes/ debt obligations

promissory notes (commerical paper)

39
Q

USA security exemptions issued by exempt issuers

A

us government

municipalities

Canadian gov’t

foreign national governement with diplomatic relations

Banks, saving institutions, and trust companies

insurance companies

regulated public utilities comp

charitable, religious and nonprofit

exchange-listed securities

nasdaq traded secutity

investment companies registered under investment company act

securities or transactions exempt under the Securities act of 1933

40
Q

Private Placement

A

10 offers in any 12cconsecutive months other than institutional clients

41
Q

USA methods of registration

A

Notice filing, coordination, and qualification

42
Q

Coordination

A

Effective at the same time as the SEC

43
Q

effective at the same time

A

Coordination

44
Q

offer

A

attempt to solicit & dispose of the purchase

45
Q

Offer

A

Sale of rights, warrants, or convertible security is an offer of the underlying stock

46
Q

Sale

A

Transfer of value

47
Q

Sale

A

Purported gift of assessable stock (offer and sale)

48
Q

Gift of non-assessable stock, stock dividend or stock split, bone fide pledge or loan, an act resulting from the approved merger or business reorganization

A

Not a sale

49
Q

3 years

A

date of violation when something happened

50
Q

date of the violations

A

3 year

51
Q

2 years

A

date of discovery

52
Q

date of discovery

A

2 years

53
Q

30 days

A

rights of rescission

54
Q

rights of rescission

A

30 days

55
Q

Rescission

A

Made whole

56
Q

Rescission

A

if fails to accept within 30 days then may not sue

57
Q

State Penalties

A

$5,000 fine and 3 years jail

58
Q

required disclosures

A

acting as a broker dealer

59
Q

required disclosures

A

agency cross transactions

60
Q

required disclosures

A

conflict of interest for BD, investment adviser,

61
Q

required disclosures

A

Fees

62
Q

Soft dollar

A

the economic benefit received from any source; fees, commissions, retainer, soft dollar

Series 65 (4 decks)

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