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Series63PDF解答で完璧な予見Series63練習試験問題
質問 # 146
In which of the following instances is it permissible for an investment adviser to borrow money from a
client?
- A. The investment adviser may borrow money from a client if the client is a bank.
- B. It is never permissible for an investment adviser to borrow money from a client.
- C. The investment adviser may borrow money from a client if the client is a close friend of the majority
owner of the investment advisory firm. - D. The investment adviser may borrow money in either of the scenarios described in B or C.
正解：A
解説：
It is only permissible for an investment adviser to borrow money from a client if that client is
in the business of loaning money, as would be the case if the client is a bank, but not if the client is merely
a close friend of the majority owner of the investment advisory firm.
質問 # 147
Which of the following constitutes a non-punitive order?
- A. registration denial
- B. All of the above are punitive orders.
- C. summary license suspension
- D. registration cancellation
正解：D
解説：
Registration cancellation is a non-punitive order. The Administrator issues a cancellation
order if a registered person dies, becomes mentally incompetent, is no longer in business, or is unable to
be located.
質問 # 148
Which of the following statements regarding "registration by qualification" is true?
- A. Registration by qualification refers to the fact that the highest quality bonds, i.e., those with a AAA
rating, are exempt from registration with the state. - B. Registration by qualification is the preferred method used by issuers since it requires the least amount
of paperwork. - C. In its simplest form, registration by qualification requires the issuer to supply voluminous amounts of
information about both the firm and its directors, officers, and major shareholders. - D. Registration by qualification refers to the fact that certain categories of securities are exempt from state
registration requirements.
正解：C
解説：
Registration by qualification, in its simplest form, requires the issuer to supply voluminous
amounts of information about both the firm and its directors, officers, and major shareholders. The state
Administrator also has the authority to require even more documentation. It is the least favorite method of
registration for obvious reasons.
質問 # 149
A margin transaction refers to a transaction
- A. Both A and C are true statements.
- B. that is illegal under the guidelines of the Uniform Securities Act.
- C. in which the client borrows some of the money that he is investing.
- D. in which a registered agent makes trades on a customer's account without that customer's knowledge.
正解：C
解説：
A margin transaction refers to a transaction in which the client borrows some of the money
that he is investing. It is a recognized practice.
質問 # 150
What criminal penalties are specified for "willful violations" of the Uniform Securities Act?
- A. license cancellation.
- B. up to 3 years in prison or a $5,000 fine, or both.
- C. license suspension.
- D. up to 5 years in prison or a $10,000 fine, or both.
正解：B
解説：
The criminal penalties specified by the Uniform Securities Act for "willful violations" of the act
are up to 3 years in prison or a $5,000 fine, or both, for each violation.
質問 # 151
In which of the following scenarios will the investment adviser be subject to criminal fraud charges?
- A. An adviser owns the stock of TweedleDee Corporation and has issued a report recommending the stock as a "buy," disclosing the fact that it owns the stock
- B. An adviser sells its shares of TweedleDee Corporation after issuing a report recommending the stock as a "buy."
- C. all of the above. It is considered criminal fraud for an investment adviser to make any recommendations on a security in which it has or plans to have a position.
- D. An adviser owns the stock of TweedleDee Corporation and has issued a report recommending the stock as a "buy" without disclosing the fact that it owns the stock.
正解：B
解説：
Explanation
An adviser that sells its shares of TweedleDee Corporation after issuing a report recommending the stock as a
"buy" is subject to criminal fraud charges for willfully deceiving its clients.
The adviser who recommends the stock as a buy without disclosing the fact that it owns the stock is engaging in a prohibited activity for non-disclosure, but would be unlikely to face criminal fraud charges.
質問 # 152
Ken Con is an agent with Blue Sky Broker-Dealers. He gets up early each morning so that he can study any late-breaking news that may affect the markets and figure out ways to incorporate this news into conversations with select clients in order to pressure them to restructure their portfolios by selling holdings they have in one particular industry to invest the money in another particular industry.
Ken has been very successful with this strategy and executes more trades for his clients than any other agent with the firm, but is he in danger of losing his license?
- A. Yes. Ken is guilty of the prohibited practice of "tailgating."
- B. It depends. If his clients have lost money, Ken may lose his license; but if a review indicates that his clients' accounts earn profits, then his license is safe.
- C. No. Ken is just a successful sales person who is working harder than the other agents in the firm.
- D. Yes. Ken is engaging in churning, a prohibited practice and can have his license revoked or suspended.
正解：D
解説：
Explanation
Yes. If Ken is getting up each morning in order to collect news that he can use to pressure his clients to buy and sell their securities, Ken is engaging in churning and can have his license revoked or suspended for this prohibited practice. A lot of the news might have a short-term effect on a particular industry, but any profits gained by trying to time the market will often not be sufficient to cover the commissions that the investor had to pay on the transactions and the taxes they may have to pay on the short-term capital gains they realized when they sold securities. Regardless, it doesn't matter whether his clients' accounts show a profit or not.
質問 # 153
Which of the following describes an investment adviser that is not required to register with the state Administrator?
- A. CanDo Broker-Dealers is a state-registered broker-dealer. It has begun to offer asset management services to a few of its wealthier clients for a small management fee equal to 0.1% of the assets under management.
- B. Financial Freedom Investment Advisers has no offices in the state although it does advise six wealthy individuals who are residents of the state.
- C. MoeMoney Investment Advisers, LLC has an office in the state with a client base of fifty individuals.
- D. Buckeye Investment Advisers has no offices in the state, but it provides portfolio management services to an insurance company located in the state.
正解：D
解説：
Explanation
Buckeye Investment Advisers is not required to register with the state Administrator since it has no offices in the state and provides portfolio management services to an institutional investor within the state. Both MoeMoney and Financial Freedom must register since they advise more than 5 individual clients. It doesn't matter in that case whether they have offices within the state or not. CanDo is registered only as a broker-dealer, but it has begun offering investment advice for a fee, so it must also register with the state as an investment adviser.
質問 # 154
Once you have passed the Series 63 examination, which entity must then approve your application to sell
securities?
- A. SEC
- B. the state administrator
- C. FINRA
- D. NASAA
正解：B
解説：
Once you have passed the Series 63 exam, it is the state administrator who can approve or
deny your registration. NASAA developed the Uniform Securities Agent State Law Examination and
FINRA administers it. The SEC is not a party to the state registration process.
質問 # 155
Which of the following statements is false?
- A. The minimum net capital requirement for investment advisers that take custody of their clients' assets is higher than the net capital requirement for advisers who do not take custody of the assets.
- B. None of the above statements is false; all are true statements.
- C. A state cannot require a higher minimum net capital for broker-dealers than the amount specified by the Securities Exchange Act of 1934.
- D. A state cannot require a higher minimum net capital for investment advisers than the amount specified by the Investment Advisers Act of 1940.
正解：D
解説：
Explanation
"A state cannot require a higher minimum net capital for investment advisers than the amount specified by the Investment Advisers Act of 1940" is a false statement. The Investment Advisers Act of 1940 does not specify a minimum net capital requirement. The Act simply indicates that if an investment adviser is already registered in one state and meeting that state's minimum net capital requirement, a second state can't impose a higher net capital requirement on it.
質問 # 156
Which of the following would not appear on an order ticket?
- A. the agent's commission
- B. the settlement date
- C. the stock symbol
- D. the account number of the client buying or selling the security
正解：A
解説：
The agent's commission does not appear on an order ticket. It does appear on the trade
confirmation, however, which the client receives.
質問 # 157
According to the NASAA Model Rules, a broker-dealer is not permitted to allow a customer to engage in
margin transactions unless
- A. the broker-dealer receives a margin agreement signed by the client promptly after the client's first
margin transaction. - B. the client has a net worth of at least $500,000.
- C. the client has been a customer of the firm for at least 6 months.
- D. the broker-dealer already has a margin agreement signed by the client in hand.
正解：A
解説：
A broker-dealer is not permitted to allow a customer to engage in margin transactions unless
the broker-dealer receives a margin agreement signed by the client promptly after the client's first margin
transaction.
質問 # 158
You are an agent with a broker-dealer and have learned of limited partnership interests being sold by a small company that is planning to come out with a product that you think is going to "wow" the market. You would like to get in on the action, but the minimum investment needed is $10,000, and you don't have that kind of dough lying around. You talk to your brother, who is also one of your clients, and get him interested in investing in the firm, too. The two of you decide to pull your money together, each putting in $5,000, and you agree to split any profits or losses.
Is this permitted?
- A. Yes, as long as your brother provides your firm with his written consent.
- B. Maybe. But it will require written consent from both your brother and your firm.
- C. Yes. This is permitted since the agreement is between you and a family member.
正解：A
解説：
Explanation
It may be permissible for you and your brother to open a joint account to invest in this partnership since he is a family member, but it will require the written consent of both your brother and your firm, and your firm is under no obligation to give its consent.
質問 # 159
A broker-dealer cannot legally be
- A. A broker-dealer can be any of the above.
- B. an individual.
- C. a partnership.
- D. a sole-proprietorship.
正解：A
解説：
Explanation
A broker-dealer can be a partnership, an individual, or a sole-proprietorship under the guidelines of the Uniform Security Act.
質問 # 160
Which of the following statements regarding an investment adviser representative who has an office in the
state is true?
- A. If an investment adviser representative is registered with the SEC, he or she need not obtain state
registration, regardless of whether the investment adviser representative has an office in the state. - B. If the investment adviser that the investment adviser representative is affiliated with is itself registered
with the state, then the investment adviser representative does not need to apply for a separate
registration, regardless of whether the investment adviser representative has an office in the state. - C. If the investment adviser is registered with the SEC, then neither the investment adviser nor any of its
affiliated investment adviser representative needs to be registered with the state. - D. Regardless of whether the investment adviser is registered with the SEC or is registered with the state,
all investment adviser representatives of the firm must be registered with the state if they have offices in
the state.
正解：D
解説：
Regardless of whether the investment adviser is register with the SEC or is itself registered
with the state, all of its investment adviser representatives (IARs) are required to register with the state if
they operate a place of business in the state.
質問 # 161
An investment adviser representative with Capital Investment Advisors, Inc. advised his client to invest $5,000 in bonds of a firm that the adviser claimed was an investment "almost as risk-free as investing in U.S.
government bonds; maybe even more so, given the magnitude of the government deficit these days." The client paid a total of $200 for this advice. The bonds paid interest at the rate of 6%, with semiannual payments, and the client received $300 in interest payments before the firm went belly-up at the end of a year, and its bonds were deemed worthless. The client has filed suit, and its attorneys' fees and court costs are expected to be $1,000. When the investment is a bond, the state has recently been assessing an interest rate equal to the interest rate paid by the security as an equitable interest payment guideline in civil penalties.
The maximum the client can expect in civil penalties is
- A. $5,900.
- B. $5,200.
- C. $6,200.
- D. $6,000.
正解：C
解説：
Explanation
The maximum amount the client can expect in civil penalties in this case is $6,200. In civil court, the client is awarded the cost of the investment plus any attorneys' fees and court costs, plus any interest that the state deems appropriate, less any income earned on the investment. In this instance, the only income is the interest that the client earned, which is identical to the interest that the Administrator mandates the investment adviser pay, so that is a wash. The investment advisory fee is included as part of the investor's cost, so the client can sue for the recovery of his original investment of $5,000 plus the $200 he paid for the investment advice plus the court costs and attorneys' fees of $1,000, or $6,200 total.
質問 # 162
Which of the following laws deals with identity theft protection?
- A. the USA Patriot Act
- B. Regulation S-P
- C. the Bank Secrecy Act (BSA)
- D. ERISA
正解：B
解説：
Regulation S-P was enacted by the SEC to deal with identity theft. The law requires financial
institutions to provide their clients with a statement of its privacy policies and practices and prohibits the
disclosure of nonpublic personal information about even a prospective client to a nonaffiliated third party
unless certain conditions are met, including giving the client or prospective client the right to opt out of the
disclosure.
質問 # 163
A-2-Z Associates is a full service brokerage and is also in the investment advisory industry, charging its clients for investment advice for additional remuneration.
Which of the following statements is true?
- A. A-2-Z can charge the client only an advisory fee when it is serving as an investment adviser; no commissions may be collected.
- B. A-2-Z can charge the client both an advisory fee for its advice and a commission on any trade the client makes based on the advice. This is all laid out in the advertising brochures full service brokerage firms like A-2-Z provide their prospective clients.
- C. A-2-Z can charge an individual client an advisory fee for its advice or a commission when it executes a trade that the client makes based on that advice, but not both.
- D. A-2-Z can charge the client both an advisory fee for its advice and a commission for the execution of a trade based on that advice, but it must inform the client of its potential conflict of interest in doing so and get the client's written consent.
正解：D
解説：
Explanation
A-2-Z can charge a client it advises an advisory fee for its advice and a commission for the execution of a trade based on that advice, but it must inform the client of the potential conflict of interest and get the client's written consent. It must also provide an itemized statement of all such agency cross transactions performed for the client at least annually.
質問 # 164
BondsRUs is a broker-dealer that (unsurprisingly) specializes in bonds. The firm has found that it is able to sell Treasury bonds that it buys for $90 per $100 of par value for $99 per $100 of par value to some of its more naive clients, who never pay attention to the confirmation statements BondsRUs sends them. BondsRUs is guilty of
- A. nothing. It is acting as a dealer in bonds and, as such, can charge its clients whatever the clients are willing to pay.
- B. overcharging its clients by unreasonable markups. A $9 dealer's spread on Treasury bonds is unwarranted.
- C. fraud.
- D. both B and C.
正解：B
解説：
Explanation
BondsRUs is guilty of overcharging its clients by unreasonable markups. A $9 dealer's spread on a risk-free investment such as a Treasury bond is unwarranted, and this practice is prohibited.
Based on the information provided, BondsRUs is not guilty of fraud since it appears that the firm is revealing the markup in its confirmation statements. The clients just aren't paying attention.
質問 # 165
Which of the following does not describe a prohibited practice for broker-dealers under the NASAA Model Rules?
I. SecureMoney Broker-Dealers has received a request from a client who wants SecureMoney to "identify a few solid firms in the Asian market and invest up to $20,000 in them." SecureMoney executes the purchases and receives the requisite signed discretionary authorization from the client before the settlement date.
II. CanDo Broker-Dealers executes a margin transaction for a client, promptly receiving a signed, written margin agreement from the client after the transaction takes place.
III. GetErDone Broker-Dealers receives a call from a client who wants to purchase some securities on margin.
GetErDone has the client come into the office to sign a properly executed margin agreement prior to effecting the transaction.
- A. I and III only
- B. None of the selections are prohibited practices.
- C. III only
- D. II and III only
正解：D
解説：
Explanation
Neither Selection II nor Selection III describes a prohibited practice for broker-dealers under the NASAA Model Rules. Broker-dealers are permitted to execute margin transactions for clients as long as they receive a signed, written margin agreement promptly after the initial margin transaction takes place. The agreement need not be signed beforehand. Discretionary authorizations do need to be signed before the broker-dealer executes any discretionary transactions for a client, so Selection I describes a prohibited practice.
質問 # 166
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