Uniform Securities Act Quiz Flashcards
What is the statute of limitations for foreign based security violations as a cause of denial for registration?
5 years
What is the statute of limitations for US based security violations as a cause of denial for registration?
10 years
Is a lawyer or accountant who gives investment recommendations considered an investment adviser?
No
Can the administrator publish the findings of an investigation publicly?
Yes
Is a supervisor of IARs also required to be an IAR?
Yes
Are trusts where the beneficiaries are not evidenced by a security considered a person?
No
Are unincorporated organizations considered persons?
Yes
If an agent withdraws their registration when does the withdrawal become effective?
30 days
Can investment advisers or agents file an application to register securities?
No
Are unsolicited customer orders exempt or non-exempt transactions?
exempt
Is there a minimum net capital standard for agents?
No
Can the Administrator require the posting of a surety bond by an agent?
Yes
Can an agent who receives inside information discuss it with their branch manager?
Yes
When can a mutual fund be called “no-load”?
If it charges 12b-1 fees of .25% or less
Who must notify the state if a representative from a federal covered adviser quits?
The adviser
What is the statute of limitations for filing a criminal claim under the Uniform Securities Act?
5 years
Can the administrator impound proceeds from sale until the issuer receives a specific amount?
Yes
Can the administrator require filing of original copies of subscription agreements?
Yes
Is a representative who fails to register going to face civil or criminal penalties?
Civil
If an advisory firm is bought out by another, are the customers required to give approval before their accounts are moved?
Yes
When do registrations expire?
Dec 31st
What is the maximum number of clients an investment adviser can have to qualify for a de minimus exemption?
5
When must amendments to filings with the Administrator be made?
Promptly
What act covers Federally Covered investment advisors?
investment advisors act of 1940
Does the administrator need to give notice prior to inspecting records/
No
Do deposits and withdrawals of cash over 10k have to be reported?
Yes
Do representatives have to keep records of personal email?
Yes
If a representative of an investment advisor is terminated, who notifys the state?
Advisor
If an agent of a broker dealer is terminated who notifys?
agent and b/d
Can member firms currently involved in an underwriting issue research reports on the company?
ONly after 40 days for IPOs and 10 days for add ons
What is the window that renewals must be filed?
within 30 days of the renewal being sent out
How long must investment advisors keep their articles of incorporation?
Life of firm + 3 years
If a broker dealer charges management fees, must it register as an investment advisor?
Yes
Do b/d keep subscription order records?
No
Can a surety bond requirement be waived if the b/d maintains more net capital than the bond amount?
Yes
If the investment advisor does not take custody, is there a surety bond requirement?
No
For registration by qualification, is the burden of proof on the applicant or state?
applicant
For registration by filing and coordination is the burden of proof on the applicant or state?
State
Are investment advisor solicitors required to register with the SEC?
No
If an agent changes which b/d he’s registered with, when must he notify the state?
immediately
When a b/d registers with the state, do its officers gain automatic registration as agents/
yes
When does an agents registration become effective?
30 days after filign
